Fiat, Unicredito Join Forces in European ABS

Italy's largest industrial company, Fiat, and its third largest bank, UniCredito Italiano, have formed a securitization advisory joint venture with the intention of taking advantage of the country's potentially lucrative securitization market and winning business elsewhere in Europe, according to a UniCredito official.

The joint venture, called Euro Capital Structures, will act as a deal arranger and structurer. It has been established in Dublin's International Finance Centre and is staffed by five experienced securitization professionals. Pending final approvals from the Irish authorities, the office should officially open for business in August.