Credit, Collections & Insolvency News
OnGuard and Credit Tools have announced they are to merger. The merger will strengthen their European credit management software solutions. The new name of the organisation will be announced at a later stage. The merger will optimise the innovative capacity so that the organisation can continue to fulfill its strategic pioneering role for customers in the…
Read moreIrish bank Permanent tsb has announced their intentions to focus on new controls within their contact centre and provide enhanced customer service with Noble System’s Composer Real-Time Speech Analytics. Alan Murphy, Head of Collections at permanent tsb, said “At permanent tsb, we take customer service very seriously and we have invested heavily in technology that will support…
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Arrow Global Group has announced that it intends to enter the Italian market having agreed terms to acquire Zenith Service SpA (‘Zenith’), a leading servicing business in the Italian structured finance market, for an enterprise value of €17m. The transaction is subject to regulatory approval by the Bank of Italy. Zenith has a strong and…
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Ireland’s SMEs are waiting the longest for payment from customers, according to the inaugural Global Business Monitor report from international business funder, Bibby Financial Services (BFS). The global study surveyed business owners in the USA, Germany, UK, Poland, Hong Kong and Ireland and found that Irish SMEs wait an average of 38 days for payment.…
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Three-fifths (59%) of British adults say they are neither more pessimistic nor more optimistic about their personal finances following the UK’s vote to leave the EU, according to new research by insolvency and restructuring trade body R3. However, the R3/ComRes survey of over 2,000 British adults found that one-in-four (25%) say they are more pessimistic…
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Intrum Justitia and Lindorff have announced plans to create Europe’s leading debt collection credit management service. The two companies have a local presence in 23 markets across Europe and a team of more than 8,000 employees. By joining forces, both local and global clients will benefit from a strong pan-European platform, enhanced service offering, innovative…
Read moreIntrum Justitia has entered into an agreement to acquire 1st Credit, a mid-sized purchased debt company in the United Kingdom. The purchase price on a cash and debt free basis is about £130 million, attributable to a diversified portfolio of receivables, deriving from investments from several sellers in the financial industry. 1st Credit generated earnings…
Read moreLindorff has announced a strong a strong performance in Q3 2016. Net revenue in the quarter was EUR 167m, an increase of 26 percent compared to the same quarter last year, and adjusted EBITDA excluding non-recurring items was up 32 percent to EUR 110m compared to the same quarter last year. The growth was driven…
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Ulster Bank has been fined 3.3 million (£3 million) by Ireland’s financial watchdog over breaches of money laundering and terrorist financing rules. The Central Bank said its inquiries uncovered significant failings in Ulster Bank’s procedures practices over six years from July 2010. It said its inquiries uncovered significant failings in Ulster Bank’s procedures but no money…
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New figures from the Insolvency Service Ireland show that almost 900 people applied to put a formal insolvency arrangement in place with their lenders. The figures were for the three months to the end of September. This was up 102% on the same three months last year. But the number of heavily-indebted people who secured a…
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Lindorff has agreed to enter into separate strategic co-investment partnerships with CarVal Investors and AlbaCore Capital. CarVal Investors and AlbaCore Capital intend to deploy up to €350m in aggregate as part of the co-investment partnerships, to be invested in unsecured non-performing loans in Europe. CarVal Investors is a leading global alternative investment fund manager focused on opportunistic…
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Lindorff has announced that Anne Louise Eberhard has been appointed Executive Vice President Debt Collection Sales. Eberhard has held senior positions at Danske Bank latest as Senior Executive VP and Global Head of Corporate & Institutional Banking. Lindorff CEO Klaus-Anders Nysteen said “With the appointment of Anne Louise Eberhard we strengthen our Executive Team at…
Read moreHoist Finance has acquired an SME portfolio from Banco Popolare, Italy. The portfolio consists of approximately 9000 claims with a nominal value of approximately €600 million. The 10-year Estimated Remaining Collections is €53 million. Charly De Munter, Regional Director Mid Europe, Hoist Finance, describes the acquisition as an additional milestone in Hoist Finance strategic expansion in…
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