Hoist Finance strengthens position in attractive asset class in Italy
As part of its strategy to be a leading debt-restructuring partner to large international banks, Hoist Finance continues to build and enhance its competence and capabilities in unsecured and secured non-performing claims from small- and-medium sized enterprises (“SMEs”).
An important milestone in this strategic expansion outside of the consumer segment is today´s acquisition of a NPL portfolio of assets relating to SMEs from Banco Popolare, the 4th largest bank in Italy by assets.
“Hoist Finance has experience in this asset class, albeit on smaller scales. This transaction will allow us to substantially expand our knowledge with these types of assets. This acquisition is well within the expected growth trajectory of Hoist Finance Italy and one that supports our strategic mandate in the region”, says Clemente Reale, Head of Hoist Finance Italy.
The portfolio consists of approximately 9000 claims with a nominal value of approximately 950 million euros. The 10-year Estimated Remaining Collections are 72 million euros.
“This transaction is yet another example of our commitment to our clients to be the leading debt restructuring partner. We want to continue to deliver innovative solutions to our clients in order to help facilitate the positive restructuring of their balance sheets. We expect further growth in the unsecured and secured SME NPL space in Italy” says Henrik Gustafsson, Group Head of Sales and Investments, Hoist Finance.
For further information please contact :
Henrik Gustafsson, Group Head of Sales and Investments
Telephone: +46 725 06 14 06
Anne Rhenman Eklund, Group Head of Communications and IR
Telephone: +46 (0)8 555 177 90
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 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 October 2015.