Hoist Finance acquires its first portfolio in Spain
Hoist Finance AB (publ) has acquired a well-diversified portfolio of non-performing banking claims originated by four regional Spanish banks. The portfolio is made up of approximately 115,000 loans, of which 86,000 are consumer unsecured loans and 29,000 are loans to small and medium-sized enterprises (“SME loans”).
The total investment amounts to just over EUR 22 million. The Estimated Remaining Collections ("ERC") amounts to approximately EUR 48 million over 120 months.
Najib Nathoo, Regional Director West Europe, Hoist Finance says, “We are pleased to establish a presence in Spain, which is an important European market. This acquisition further underlines our vision in becoming the leading debt restructuring partner in Europe. We have invested in a broad portfolio of assets with our robust diligence and investment standards, working with local partners and experts who have solid experience and track records in Spain. We are excited to be working with these partners to fully support the banking industry by delivering the high calibre services specific to Hoist Finance.”
For further information please contact:
Michel Jonson , Group Head of Investor Relations
Telephone: +46 (0)8 555 177 19
The information above has been published pursuant to the Swedish Securities Markets Act (Sw. l agen om värdepappersmarknaden ) and/or the Swedish Financial Instruments Trading Act (Sw . lagen om handel med finansiella instrument ). This information was released for publication at 08.30 (CET) on 17 June 2016.
About Hoist Finance
Hoist Finance is a leading debt restructuring partner to international banks and financial institutions, offering a broad spectrum of advanced solutions for acquisition and management of non-performing unsecured consumer loans. Hoist Finance operates through eleven in-house collection centers across Europe, complemented by local external debt servicing partners. The total carrying value of Hoist Finance’s acquired loans was approximately SEK 11.3 billion as per 31 December 2015. The parent company Hoist Finance AB (publ) is listed on Nasdaq Stockholm Mid-Cap list and its subsidiary Hoist Kredit AB (publ) is a regulated “Credit Market Company” under the supervision of the Swedish Financial Supervisory Authority (Sw. Finansinspektionen ). In Sweden, the company offers internet-based savings deposit services through HoistSpar, with around 85,000 accounts.