Intrum acquires non-performing loan portfolio in Greece
Intrum has entered into an agreement to acquire a non-performing loan portfolio from Eurobank, one of the four Greek banks considered as critical for the stability of the Greek economy, for a total investment of approximately SEK 0.4 bn. The portfolio consists of well diversified unsecured consumer loans. Servicing of the portfolio will be outsourced to, FPS, a specialized company belonging to the seller but Intrum has the flexibility to find alternative servicing capacity in the future.
“This investment is strategically important for Intrum, positioning us as a strong partner for Greek banks which have significant non-performing loans to address. We believe that there will be significant opportunities in the Greek economy and in the Greek credit management industry to continue the growth of Intrum’s market leading presence in Europe”, says Mikael Ericson, President & CEO of Intrum.
“Eurobank’s commitment towards its regulators and shareholders to derisk its balance sheet by actively managing and reducing its NPL book is proceeding with a significant sale of consumer unsecured NPLs to Intrum. We are happy to conclude this transaction with the largest European Credit Management Services provider who is well known and reputable for its servicing practices”, says Fokion Karavias, CEO of Eurobank.
The investment will be financed by Intrum’s available cash and credit facilities.
This information is information that Intrum Justitia AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 09.15 CET on 2017-10-05
For further information, please contact:
Mikael Ericson, CEO & President
Tel: +46 8 546 102 02
Erik Forsberg, CFO
Tel: +46 8 546 102 02
Intrum is the industry-leading provider of Credit Management Services with a presence in 23 markets in Europe. Intrum helps companies prosper by offering solutions designed to improve cash flows and long-term profitability and by caring for their customers. To ensure that individuals and companies get the support they need to become free from debt is one important part of the company’s mission. Intrum has more than 8,000 dedicated and empathetic professionals who serve more than 100,000 companies across Europe. In the 12 months ending March 2017, pro-forma revenues amounted to SEK 12.9 billion. Intrum is headquartered in Stockholm, Sweden and the Intrum share is listed on the Nasdaq Stockholm exchange. For further information, please visit www.intrum.com.