Credit, Collections & Insolvency News
State Bank of India (SBI) has launched its digital banking app YONO for customers of SBI (UK). Originally launched in 2017 by SBI in India, YONO has become very popular, especially among the youth, as it combines mobile banking and lifestyle. SBI has now decided to take YONO globally, starting from the United Kingdom. YONO…
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UK Finance has announced its support for the United Nations Environment Programme Finance Initiative’s ‘Principles for Responsible Banking.’ The Principles align banks with society’s goals as expressed in the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement. They set a global benchmark on responsible banking and provide actionable guidance on how to achieve this.…
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Irish bank Permanent TSB has announced that it is selling 1,932 home loans that have fallen into arrears to Start Mortgages. Star Mortgages are part of US vulture fund Lone Star. The deal is thought to be worth €264 million, slightly more than half the €506 million that the borrowers owe. Permanent TSB Chief Executive,…
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In a speech at the Dublin Economics Workshop, Sharon Donnery, Deputy Governor of the Central Bank of Ireland, has said that while the Irish economy greatly benefits from being one of the most open in the world for trade and finance, this comes with vulnerabilities beyond our control. In the speech she said that the…
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International deceased account management specialist, Phillips & Cohen Associates has announced plans to extend its unique, compassion-based servicing to the German market by confirming a long-term lease on a prestigious Düsseldorf base. The business, which has been providing niche services to creditors since its foundation in 1997, has identified the historic and vibrant city of…
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The Financial Conduct Authority (FCA) is stepping up its efforts to ensure firms are aware of what they need to do prepare for the potential of a no-deal Brexit. Firms who have not prepared appropriately may risk an impact on their business. To help firms prepare, the FCA will be running a series of digital…
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Bank of Ireland has sold a block of €250 million non-performing loans (NPL) to US fund Cerberus Capital Managemen at 40% discount to face value. The bank will collect a net interest of about €3 million annually from the loans, which it will no longer receive after it sells on the portfolio. The deal will,…
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GfK’s latest Consumer Confidence Index showed a decrease again in August. The index measuring changes in personal finances during the last 12 months shows that confidence has decreased by two points this month to -1; this is five points lower than August 2018. The forecast for personal finances over the next 12 months decreased by…
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European credit management services specialist Lowell has announced another positive quarter in its latest results for the period 1 April to 30 June 2019,The company says it has a strong pipeline across all regions with £166 million capital deployed on portfolio acquisitions in H1 2019 Colin Storrar, Group CEO, said ”I am really pleased to…
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The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…
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The Financial Conduct Authority (FCA) has confirmed it intends to extend the proposed duration of the directions issued under the temporary transitional power to the 31st December 2020. This is to reflect the extension of Article 50. Other than the additional time the FCA’s approach remains unchanged. The temporary transitional power is intended to minimise…
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Conversational middleware company, Webio has announced that it has partnered with EIT Digital Accelerator to scale-up and expand internationally. EIT Digital is a leading European digital innovation and entrepreneurial education organisation driving Europe’s digital transformation. Their focus is on innovative, fast-growing start-ups and assisting them to secure international customers. Having supported over 300 start-ups this partnership…
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Invenio Financial the debt purchasing subsidiary of Phillips & Cohen Associates (PCA) has announced that it has appointed a senior debt purchase executive. Alexander Holzgreve joins as Head of Acquisitions Europe to lead European growth for the group. Holzgreve, an innovative industry leader, brings with him over 20 years’ experience across multiple countries and credit…
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