Hoist Finance acquires large diversified banking portfolio in the UK
Hoist Finance AB (publ), a leading pan-European debt restructuring partner to international banks, has acquired the debt purchase company Compello Holdings Limited from entities managed by Cabot Square Capital. The acquisition includes a diversified banking portfolio, consisting of more than one million banking claims originated by 19 different financial institutions, and an established and proven collection platform with 178 FTE:s. The portfolio has approximately £218 million 10-year Estimated Remaining Collections as at 30 June 2015.
“This transaction is firmly in line with our strategy to strengthen and expand our market position in our core markets. In addition we continue to build on key economies of scale, namely from an operational as well as an analytical perspective. The acquisition also adheres very well with our target to purchase portfolio volumes during 2015 in line with or higher than the previous years.” says Jörgen Olsson, CEO of Hoist Finance.
“The acquisition further increases our reach and operational capacity and underpins Hoist Finance’s market position with core UK banking clients”, Najib Nathoo, Head of Hoist Finance UK, concludes.
For further information please contact:
Anne Rhenman Eklund, Group Head of Communications and IR, Hoist Finance
Phone: +46 (0)72 506 14 30
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 ten 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 8.9 billion as per 31 December 2014. 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 65,000 active accounts.
The information above has been published pursuant to the Swedish Securities Markets Act (Sw. lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading Act (Sw. lagen om handel med finansiella instrument). This information was released for publication at approximately 08.30 AM (CET) on 2 July 2015.