Avida sells Finnish portfolio of overdue private loans to Modhi
Avida has signed an agreement to sell the company's portfolio of overdue Finnish private loans to the debt collection company Modhi. The sale is the first transaction of this type for Avida, and it will be followed by several similar sales in the future.
“We experienced great interest in the market for our Finnish private loan portfolio”, says Pehr Olofsson, interim CEO at Avida. After an initial phase with several stakeholders on the buying side, we chose to sign an agreement with Mohdi and their Finnish operations as they offered the best overall solution for us and Modhi has been very transparent and easy to work with in this process. We see that this sale will be followed by several others in the future as we now have a well-functioning process and organization in place, and we have shown the market that we are a player to be reckoned with.”
For Modhi, the deal is an important step to become a leading pan-Nordic debt collection company.“We are pleased to announce a large portfolio acquisition in Finland and proud of the trust given by Avida to be able to continue to work with these loans. Avida has shown great understanding for our need of high-quality data and been very solution oriented throughout the process and negotiation. We are prepared for further growth in Finland and other Nordic countries.” says Mikko Dammert, CEO at Modhi Finland.
For further information please contact:
Pehr Olofsson, Interim CEO at Avida, Telephone: + 46 72-402 44 94, Mail: pehr.olofsson@avida.se
Michael Grosche, Head of communications and Investor relations, Telephone: +46 70-307 29 36, Mail: michael.grosche@avida.se
About Avida
Avida is a credit market company that since the start in 1983 has focused on offering loans to individuals and corporates. We are currently about 130 employees, with headquarters in Stockholm and offices in Oslo and Helsinki. At Avida we are not like everybody else in this business, we will always go that extra mile to help our customers turn their plans into reality and we promise that we always give our customer the proper attention and the chance to get the financing they need.
Avida is under the supervision of the Swedish Financial Supervisory Authority and like all Swedish banks and credit market companies, we are covered by the state deposit insurance.
About Modhi
Modhi is owned by SpareBank 1 Gruppen AS in Norway and is part of the SpareBank 1 alliance. The Modhi Companies, with operations in Norway, Sweden and Finland, constitute the debt-collection and portfolio purchasing activities of SpareBank 1 Gruppen. Together the companies provide both debt-collection services and the purchase and management of overdue loans, credits and invoices. Modhi currently has 9,000 customers and manages more than € 1.2 billion in receivables and has approximately 200 employees.