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19 June 2017, 08:00 CET
Axactor acquires unsecured Non Performing Loan (NPL) portfolio in Germany
Axactor has acquired its first unsecured NPL portfolio originated by a large German Bank. The portfolio includes unsecured claims with a total Outstanding Balance (OB) of approximately € 32 million, with close to three thousand open accounts of individuals. Although a first in Germany, this acquisition means Axactor has now acquired portfolios in all Axactor countries during 2017, ensuring that the business continues to grow across the whole group.
“This is our 1st portfolio acquisition since the acquisition of Altor GMBH and complements the existing seasoned book that we acquired at the same time. The portfolio demonstrates our first step in building a solid pipeline of portfolios in what is a very attractive as well as competitive market for NPL sales ”, says Endre Rangnes, Axactor CEO.
“We are delighted to purchase our first portfolio as Axactor Germany and will be working hard to find many more and larger opportunities over the next 6 to 12 months in Germany”, says Doris Pleil, Country Manager Germany
The investments will be 100% financed by Axactor’s existing cash and credit facilities.