Credit, Collections & Insolvency News
Businesses continue to have the same concerns for the next twelve months as they did in 2018, according to research from ICAEW. Uncertainty about the UK relationship with the European Union (EU) remains the biggest challenge. Other expected challenges are also UK related, such as slowing UK economic growth, rising UK inflation, plus the lack…
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The European non-performing loan (NPL) market reached a new peak in 2018 with disposals totalling EUR 205.2bn in gross book value (GBV), according to the new European NPL FY 2018 report, published by Debtwire ABS. Debtwire NPL Database tracked 142 transactions. The last quarter saw a particularly intense pace of activity, given that at the…
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A new report from Euler Hermes has warned that company’s need to prepare for another year of rising insolvencies with based upon the collateral damage of low growth and tightening financial conditions. The report says that in 2018, global insolvencies confirmed an upward trend which started in 2017 after seven consecutive years of sizable declines.…
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Intrum has agreed a deal with Spanish bank Ibercaja Banco S.A. to purchase a portfolio of 6,400 real estate assets (REOs). The portfolio will be transferred to a new company (NewCo), initially majority owned by Intrum, with Residencial Murillo maintaining a minority equity stake. Intrum’s final investment will be approximately €30-40m once financing and co-investor are…
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Analysis from Equiniti, the FTSE-listed share services and fintech business, of UK Finance statistics shows that continued Brexit uncertainty is having the biggest impact on the smallest businesses in relation to asset based lending and invoice finance borrowing. The figures show that total advances to businesses with a turnover of less than £1 million a…
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The Central Bank of Ireland has published its latest residential Mortgage Arrears & Repossessions Statistics from Quarter 3 2018. The figures have revealed that the number of family homes being repossessed has fallen, with the improving economy helping to cut the number of mortgages in arrears. The figures show 191 homes were repossessed in July…
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Trade credit insurer Atradius has published a new economic research report analysing the impact of a potential trade war on the economies of Southeast Asia. With a trade war seemingly escalating between China and the US, Atradius reports that trade across Southeast Asia has already been moderately impacted, with increased risk aversion in international financial markets. However,…
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Intrum has announced it has reached an agreement with Spanish bank Banco Sabadell to acquire their wholly owned subsidiary Solvia Servicios Inmobiliaros (Solvia) for an enterprise value of approximately €300 million. The agreement reinforces Intrum’s position in the Spanish real estate market and strengthens the collaboration with Banco Sabadell, one of the largest banks in Spain.…
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1Experian has announced that it has agreed to acquire Compuscan (CSH Group Pty), one of the leading credit bureau and information services businesses in Africa. Established in South Africa in 1994, Compuscan started as a credit bureau, focused on the micro-lending industry. It enabled micro lenders to avoid financial loss by identifying clients’ repayment probability…
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After ten years of growth (2008-2018), it has been suggested that we may have reached the peak in the global construction growth cycle: 2018 will be the turning point according to Euler Hermes’ unique proprietary data on millions of companies across 70 countries. Growth in this industry should gradually cool down to +3.0% in 2019,…
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KBC Bank of Ireland has completed the sale of €1.9 billion worth of mostly non-performing buy-to-let and corporate loans that were held by its Irish unit, to Goldman Sachs. The sale, first announced in August, will have a positive impact on KBC’s profit and loss account. It will reduce KBC’s non-performing loan ratio, according to…
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European credit management specialist Intrum and Italian bank Intesa Sanpaolo have finalised a strategic agreement to create market-leading servicer of non-performing loans (NPL) in Italy. The agreement creates an establishment of a market leading servicer of non-performing loans (NPLs) in Italy. The servicing platform, Intrum Italy, is majority owned by Intrum with Intesa Sanpaolo retaining…
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Irish bank, Permanent TSB (PTSB) has announced that it has agreed to sell a 1.3 billion euro portfolio of problem mortgage loans in a securitisation deal, to help reduce its bad debt level to below 10 percent. PTSB has been trying to reduce its exposure to non-performing loans (NPLs) and focus on providing services for…
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