Axactor acquires the 4th unsecured Non Performing Loan (NPL) portfolio in Spain
Oslo , June 30 2016 - Axactor has acquired a Prime unsecured NPL portfolio originated by a large Spanish consumer finance institution BMN (Banco Mare Nostrum). The portfolio includes unsecured and secured loans with a total Outstanding Balance (OB) of approximately EUR 144 million, with more than six thousand open accounts of individuals and a solid paying book.
Axactor will pay around 5% of the Outstanding Balance. This price has been based on the relatively young age of the claims in the portfolio and the strong recent payment profile which Axactor expects to continue developing going forward.
"This is our 4th portfolio acquisition this year, and is an evidence of our competitiveness and active presence in this market. The portfolio will add new volumes to our amicable and legal operations in Spain. We are positioning Axactor to gain more business in Spain and other countries in Europe", says Endre Rangnes, Axactor CEO.
We continue to be well positioned to gain new business in Spain and other countries in Europe", says Geir Johansen, Axactor CFO
The investments will be financed by Axactor's available cash and our credit facilities with DNB.
For additional information, please contact:
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +4747710451
Axactor Group is a debt collection and debt purchase company, with operations in Italy,Norway and Spain. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to about EUR1,500 billion, and Axactor's main focus is debt collection and purchase of NPL portfolios. Axactor has approximately 700 employees.