OSLO, Norway, Dec 15, 2016 /PRNewswire/ --
Axactor has acquired another unsecured NPL portfolio originally generated by Unicaja Banco and España Duero, two large Spanish Banks. The portfolio includes unsecured loans with a total Outstanding Balance (OB) of approximately EUR 450 million, with close to one hundred thousand open accounts of individuals and SMEs.
The portfolio transaction is another primary market purchase as well as representing the company's largest portfolio investment to date, securing a significant increase to the existing cash collection generated on Axactor's owned portfolios.
"This is our 6th portfolio in Spain and with the existing paying book providing strong revenue growth as we move forward into 2017. This Portfolio also confirms Axactor's commitment to making Spain a key market within the Group.", says Endre Rangnes, Axactor CEO.
"The portfolio demonstrates Axactor's ability to close key portfolio purchases, we expect many more to follow across the group in 2017.", says Robin Knowles, Axactor EVP Portfolio.
The investments will be financed by Axactor's available cash and our existing credit facilities.
For further information, please contact:
Chief Executive Officer
Tel: +46 8 402 28 00
Cell Phone: +47 48 22 11 11
Chief Financial Officer
Cell Phone: +47 477 10 451
Axactor is addressing a large non-performing loan (NPL) market in Europe. The market is estimated to around EUR 1.5 trillion and with a solid growth rate. The main growth factors are partly driven by regulatory changes, sales of non-performing loans and an accelerating trend of outsourcing debt collection to specialized companies. Furthermore, we see a consolidation trend in the debt collection/debt purchase industry. Axactor's main focus in the credit management value chain will be: amicable and legal collection, surveillance and acquisition of NPLs.
Axactor was established in 2015 and has approximately 900 employees.
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SOURCE Axactor AB