Credit, Collections & Insolvency News
Intrum Justitia AB has announced that Mikael Ericson will be the Chief Executive Officer (CEO) and President of the combined company once the transaction is completed. Erik Forsberg, the current Chief Financial Officer of Intrum Justitia, will continue as the CFO of the combined company. In November 2016 Nordic Capital Fund VIII, currently, the indirect majority…
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BNP Paribas Personal Finance has acquired Swedish consumer finance company SevenDay Finans. Sevenday will become part of Ekspres Bank, a commercial brand of BNP Paribas Personal Finance in this region. Ekspres Bank is part of BNP Paribas’s Scandinavian division. Operating in Norway and Denmark since July 2014 under the brand Ekspres Bank which was acquired…
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Nordic Capital Fund VIII, currently the indirect majority shareholder in Lindorff, notified the European Commission of the intended combination of Intrum Justitia and Lindorff. Based on its initial investigation, the European Commission has informed the parties of potential competition concerns in five Nordic/Baltic markets, relating to both debt collection and debt purchasing in each market.…
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Lindorff has signed an agreement to acquire Italian Debt Collection Agency (DCA) Gextra. Gextra is a specialised player in small debt collection services. It is controlled by doBank through Italfondiario. Gextra is a management consulting and outsourcing services company serving the credit management services industry in Italy. Gextra manages credit recovery activities through a network…
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Arrow Global Group has announced its results for the three months ended 31 March 2017. Commenting on the results, Lee Rochford, Group chief executive officer of Arrow Global, said: “In Q1 Arrow Global delivered another impressive quarter of profitable growth. Revenues grew 45% and underlying profit after tax was up 37%. “It was a strong start to…
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Lindorff Group has announced it’s Quarter 1 results. Net revenue in the quarter was EUR 179m, an increase of 33 per cent compared to the same quarter last year and EBITDA excluding non-recurring items was up 38 percent. The growth this quarter was driven mainly by the Debt Collection business following the acquisition of Aktua, the…
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Arrow Global has completed its £14 million acquisition of Italian business Zenith Service S.p.A, having received regulatory approval from the Bank of Italy. Zenith is also a leading servicer of salary assignment loans , managing about €1.9 billion of CQS assets. In June 2016, the estimated stock of the securitized market for CQS in Italy…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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Intrum Justitia has entered into an agreement to acquire Top Factoring, one of the leading companies for purchased debt in Romania. The purchase price on a cash and debt free basis (enterprise value) is about EUR 25 million, attributable mainly to a diversified portfolio of receivables. Top Factoring has about 210 employees, primarily involved in…
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Phillips & Cohen Associates has confirmed the opening of its Spanish operation, headquartered in Madrid, with the announcement of its business leader for Spain. The group, celebrating its 20th year of global trading, is delighted to announce that the Spanish operation will be run by Melania Sebastian Marino. Melania has over 12 years’ experience leading…
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The European Central Bank (ECB) has urged Banks to implement realistic and ambitious strategies to address Non Performing Loans (NPL) reductions. European banking reforms should include a range of policy options such as non-performing loan workout, servicing and portfolio sales, the ECB said in a report statement. In its final guidance on non-performing loans, the…
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European Union banks may face increasing risks from bad loans totalling 1 trillion euros (902.8 billion pounds) when the European Central Bank cuts back its economic stimulus programme according to Reuters. Banks have been saddled with more so-called non-performing loans (NPLs) following the 2008 global financial crisis, as companies and households have struggled to pay…
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European debt collections specialist Lindorff Group has announced it’s 2016 full year net revenue and adjusted EBITDA excluding non-recurring items (NRIs) were EUR 647million and EUR 433 million, representing an increase compared to last year of 21% and 24% respectively. Lindorff‘s full year collection performance on its own portfolios was at 106 percent of active forecast. In…
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