Credit, Collections & Insolvency News
Italian financial specialist, UniCredit has agreed to sell a portfolio of non-performing loans (NPLs) to Italian merchant bank Mediobanca and New York-based private arm of Cerberus Capital Management. The portfolio of secured and unsecured credits has a gross value of around €715m ($852.7m) and is part of a major drive by UniCredit to clear non-performing…
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European debt purchaser, DDM Holding has announced that it has entered into an agreement to acquire a distressed asset portfolio containing secured and unsecured SME receivables in Serbia from a leading bank in the region. The gross collection value of the portfolio amounts to approximately EUR 15 million. The acquisition is financed by cash on hand.…
Read moreThe Central Bank of Ireland has fined Intesa Sanpaolo €1,000,000 and reprimanded it for four breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 (the ‘CJA 2010’). Intesa admits the four breaches. The Central Bank’s enforcement investigation identified significant failures in Intesa’s controls, policies and procedures in respect of anti-money laundering and…
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European Debt Purchaser, Lowell, has announced its latest quarterly results showing another positive quarter of growth for the period 1 July to 30 September 2017. Highlights from the results include: 21% y-o-y increase in Cash Income to £152m 12% y-o-y increase in Cash EBITDA to £78m 18% y-o-y increase in Estimated Remaining Collections (ERC) to…
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Italian debt purchaser MBCredit Solutions has completed the acquisition of the “Sherazade” portfolio from Intesa Sanpaolo, comprising a stock of unsecured non-performing exposures (NPEs) with a nominal value of approx €600million. The agreement consolidates the Mediobanca Group company’s leadership position in the retail unsecured NPE segment, with MBCredit Solutions now a leading player in the…
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Hoist Finance has appointed Klaus-Anders Nysteen as new CEO. Nysteen has a long and broad experience from the financial industry in companies such as Storebrand Bank, where he was CEO for four years, and most recently as CEO of Lindorff Group. Adding to that Nysteenhas a proven track record as a leader and vast experience…
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Deceased account management specialist, Phillips & Cohen Associates has announced changes to strengthen its senior leadership team. In the re-organisation, Nick Cherry moves up to the role of Chief Operating Officer for the global organization. Cherry, who has been with the business since 2010, previously fulfilled the role of Managing Director of PCA International and…
Read moreDebt purchaser Intrum has entered into an agreement with Lowell to sell Lindorff’s businesses in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway. The sale agreement was specified by the European Commission as a condition of the combination of the Intrum Justitia and Intrum companies earlier this year. The transaction value of…
Read moreThe Link Financial Group has announced that it has bought a specialist loan servicing platform, Aiqon Capital Espana. Based in Madrid, the one hundred and ten people strong team will add further capacity to Link’s existing Spanish business, Link Finanzas. The team will continue to service the €6 billion portfolio of loans bought by the Group’s…
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Swedish debt purchaser DDM Debt AB has announced that it has finalised the previously announced acquisition of a distressed asset portfolio containing secured corporate receivables in Croatia from a leading international bank. DDM has received the approval from the Croatian National Bank and has now finalised the acquisition. The investment amounts to approximately€21 million. The…
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Intrum has entered into an agreement to acquire a non-performing loan portfolio from Eurobank, one of the four Greek banks considered as critical for the stability of the Greek economy, for a total investment of approximately SEK 0.4 bn. The portfolio consists of well diversified unsecured consumer loans. Servicing of the portfolio will be outsourced…
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The European Central Bank (ECB) plans to ask euro area banks to set aside more cash to cover bad loans, making it prohibitively expensive for lenders to keep sitting on them, a draft proposal seen by Reuters showed on Tuesday. Soured loans are clogging up bank balance sheets and holding back lending – a headache…
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The merger of Intrum Justitia and Lindorff was completed in June and following from the announcement the company has consolidated the two companies by introducing a new corporate identity and brand name: Intrum. Mikael Ericson CEO and President of Intrum said ”Intrum is the undisputed market leader. This presents new opportunities for growth through joined…
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