Credit, Collections & Insolvency News
PRA Group has announced its UK business has received full authorisation from the Financial Conduct Authority (FCA). Tiku Patel, Chief Executive Officer of PRA Group Europe said “The FCA approval process requires very high standards of conduct and customer treatment and we are delighted to have received full authorization. Delivering fair customer outcomes is at the…
Read moreArrow Global Group PLC (“Arrow Global” or the “Group”) has agreed terms to take ownership of an additional specialist servicing capability and enter into a five-year servicing agreement in the Netherlands. As part of the investment, it will also co-invest in a secured loan portfolio with a face value of circa €1.7 billion (circa 9,300…
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The European Central Bank (ECB) will allow European banks to set their own targets for cutting the €900 billion of bad loans left over from the financial crisis. New guidance will require banks to set their own targets for the levels on non-performing loans (NPL), with only “significant” deviations triggering regulatory action. Sharon Donnery, the Irish…
Read moreCreditsafe has announced the opening of its first office in Asia. Headquartered in Tokyo with operations based in Fukuoka, it is the firm’s 18th global office. In addition to setting up its operation in Japan, Creditsafe is also planning to extend its global database to offer UK businesses information on more than 12 million publicly traded…
Read moreB2Holding ASA, via its fully owned subsidiary Ultimo Netherlands BV, has entered into an agreement to acquire a residential mortgage Non-Performing Loan (NPL) portfolio from Romanian Bank Banca Comerciala (BCR) in a 50/50 partnership with EOS Investment RO GmbH (“EOS”). The portfolio consists of some 6,800 loans secured by real estate collaterals. The portfolio has…
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JC International Acquisition Llc (Jefferson Capital International) has announced that it has achieved full authorisation from the Financial Conduct Authority (FCA). Peter Copperwheat, Head of UK , said “meeting the threshold conditions is a fantastic achievement for our team at JCIA and affirms our commitment to doing the right thing. Our UK Debt Collection Agency Creditlink Account…
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Creditsafe, has added 18 countries across Europe and Asia to its global platform. Businesses will now be able to gain instant online access to credit reports for companies in countries including Afghanistan, Belarus, Cambodia, Iceland, Laos, Malaysia, Myanmar, Thailand and Vietnam. The new international reach will see Creditsafe increase its information database by 21% to over…
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Cabot Credit Management (CCM) has appointed Jose R Cadena as its new Chief Executive Officer (CEO) for its Spanish operation Gesif S.A.U. effective from 12th September.
Read moreCabot 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…
Read moreA 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…
Read moreLowell 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…
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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…
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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.
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