Hoist Finance acquires large portfolio in Italy
Hoist Finance has acquired a portfolio in Italy comprising non-performing unsecured consumer loans from an Italian consumer bank. The portfolio consists of approximately 51,000 claims with a nominal value of €350 million euros. This is the third portfolio Hoist Finance acquires from the seller and enforces Hoist Finance’s position as a leading debt restructuring partner for international banks in both Italy and in Europe as a whole. The parties have agreed to not disclose the purchase price, but according to Hoist Finance’s internal guidelines, investments exceeding EUR 50 million are communicated.
“We are delighted that our hard work, our strategy and our long-term commitment to the European banking and financial sector is paying of. The transaction strengthens our partnership with one of the larger European banks, furthermore it underlines our vision of becoming the leading debt restructuring partner to large international banks and financial institutions. The investment has been made with the same robust diligence and stringent investment criteria that Hoist Finance is known for and will add significant scale and further strengthen our presence in Italy.” says Emanuele Reale, Head of Sales, Hoist Finance Italy.
For further information please contact:
Michel Jonson, Group Head of Investor Relations
Telephone: +46 (0)8 555 177 19
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.
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