Global

Cabot Credit Management announces debt purchase collections increase

Cabot Credit Management (CCM)) has announced its financial results for the past 6 months (period ending June 2016. The statement said that  Debt purchase collections increased 24% from £141.6million to £175.9 million compared with the same period in 2015. 120-month Estimated Remaining Collections increased to £2.07 billion from £1.92 billion for the same period in 2015 and…

Distressed debt deals set to grow in Eastern Europe

A growing number of non-performing loan (NPL) portfolio transactions are being concluded in Southeast Europe, with Bulgaria, Greece, Serbia and Slovenia all expected to see more sales in the near future. In Slovenia,  the country’s largest bank Nova Ljubljanska Bank (NLB) is selling off €800million worth of NPLs in three tranches, as it cleans its…

Lowell GFKL Group acquires German collections company

Lowell GFKL Group has announced that it has acquired Tesch Inkasso, a German third party collections company. Lowell GFKL Group, backed by the Permira Funds and Ontario Teachers’ Pension Plan, has entered into an agreement to acquire Tesch Inkasso Group from Avedon Capital Partners and the other existing shareholders. Closing is subject to certain regulatory…

Santander deal for Williams & Glyn could still stall

A deal for Santander to buy Williams & Glyn’s 300 branches from Royal Bank of Scotland (RBS) might still stall if an agreement cannot be reached that ensure more than a million customers move over to Santander The European Union (EU) had ordered that RBS sells off Williams & Glyn by 2017 as a condition of its £45 billion bailout…

Consumer Financial Protection Bureau proposes cap on customer debt collection contact

Consumer Financial Protection Bureau (CFPB),an independent agency of the United States government,  has suggested capping the amount of times debt collectors can contact consumers. The proposal will affect more than 6,000 debt collection firms in the US.

Microcredit lending scheme launched in Ireland

Irish Social Protection Minister Leo Varadkar has announced a new scheme to allow credit unions provide small affordable loans. A pilot scheme in 30 credit unions saw 1,300 people accessing the loans, the average amount of which was under €500. A further 50 credit unions have already expressed interest in joining the scheme Up to 400,000 people are estimated…

Europe’s oldest bank weakest in Stress test results

https://www.theguardian.com/business/2016/jul/29/rescue-package-in-place-as-europes-oldest-bank-fails-stress-tests

MasterCard to buy VocaLink

MasterCard Incorporated has announced that is going to acquire VocaLink Holdings Limited for about £700 million (approximately US$920 million).

Strategic Banking Corporation of Ireland and Bibby Financial Services launch invoice financing fund

The Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services Ireland (BFSI) have announced a €45million lower-cost invoice financing fund for Irish SMEs. An extension of SBCI’s on-going efforts to drive competition and choice in the Irish lending market, the announcement sees €45 million in funding being made available to Irish businesses. The agreement enables…

Bibby Financial Services agrees €150 million funding agreement

Bibby Financial Services has announced the fund to support European SMEs. The three-year agreement with HSBC will be available to new and existing SME customers.

US Regulator fines Santander $10million to settle vendor’s overdraft practices

http://www.cityam.com/245522/santander-bank-fined-10m-us-settle-vendors-overdraft

Uncertainty for businesses and UK insolvency regime following Brexit

“Leaving the EU will have a major impact on the way corporate insolvency works in the UK.   “Domestic insolvency legislation itself is likely to be unaffected, the insolvency profession is involved in a lot of cross-border work in Europe. One key change is that it could become much harder to retrieve assets on behalf…

Duff & Phelps have acquired Corporate Finance Ireland (CFI)