Intrum Justitia acquires German debt portfolio from Commerzbank
Intrum Justitia has acquired a German portfolio of written-off receivables with an aggregate outstanding principal of EUR 300 M. The seller of the portfolio is Commerzbank. The acquisition implies that Intrum Justitia takes over staff of approximately 40 people, continuing their work from the office in Hannover.
The portfolio consists of nonperforming bank-loans and the analysis and evaluation of the entire portfolio has been conducted in accordance with Intrum Justitia's regular principles and yield requirements. Intrum Justitia will take over premises in Hannover and staff of approximately 40 people from Commerzbank.
“Germany is a significant market for purchasing of debt portfolios and Intrum Justitia has many years of experience in servicing banking cases in Germany. The purchase of the Commerzbank portfolio will further strengthen our position as a banking specialist in the German market and the new office in Hannover will provide an important foothold in Northern Germany. I am very pleased that we were able to conclude this deal”, says Thomas Hutter, Regional Managing Director Intrum Justitia.
The execution date of the take-over will be 15th of September 2011, however with a cut date of January 1st 2011, implying that all collections between the cut-off date and execution date are included in the deal.
“Intrum Justitia made a significant purchase of a banking portfolio in Germany in 2006 and by acquiring yet another large portfolio, like this one, we take an important step forward in Germany. The market for large portfolios of written off receivables slowed down significantly in the financial downturn. While we have seen increased market activity when it comes to smaller and mid-sized portfolios, the larger deals have not materialized until now. Naturally we hope to be able to establish more business process outsourcing contracts like this one in the future”, says Lars Wollung, CEO & President of Intrum Justitia.
For further information, please contact:
Lars Wollung, CEO & President
Tel: +46 8 546 102 00
Thomas Hutter, Regional Managing Director, Central Europe
Tel: +41 44 806 56 56, E-mail: t.hutter@ch.intrum.com
Annika Billberg, IR & Communications Director
Tel: +46 702 67 97 91, E-mail: a.billberg@intrum.com
Lars Wollung, CEO & President
Tel: +46 8 546 102 00
Thomas Hutter, Regional Managing Director, Central Europe
Tel: +41 44 806 56 56, E-mail: t.hutter@ch.intrum.com
Annika Billberg, IR & Communications Director
Tel: +46 702 67 97 91, E-mail: a.billberg@intrum.com
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has around 3,100 employees in 22 countries and revenues of approximately SEK 3.8 billion in 2010. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com