Credit, collections & insolvency news
Intrum 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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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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The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions…
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Leigh Berkley, President of the Credit Services Association (CSA), has been elected to the Board and appointed Vice President of the Federation of European National Collection Associations (FENCA), an umbrella body that serves to promote and develop European best practice, standards and legislation within the European debt collection industry. This strategic re-positioning at the top…
Read morePRA 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 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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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.
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