Zenith succeeded in raising its visibility in the market by proactively proposing its offer to international investors and national counterparties. As a result, the company has registered a steady growth in its overall and master servicing activity over the past five years. Although a period of such intense growth could represent a risk, Zenith is well-positioned to smoothly absorb rising activity, in our view. The company has been planning and investing for expansion, by updating its information technology (IT) platform, expanding its management team, and enhancing its processes. In April 2017, Arrow Global Group PLC acquired Zenith's capital, after obtaining the Bank of Italy (BOI)'s approval. In our view, the acquisition can provide scope of synergies and we will closely
