30 October 2018, 07:00 CET
Axactor secures entry to Finland with the acquisition of a large unsecured non-performing loan (NPL) portfolio from Bank Norwegian
Oslo, October 30th, 2018
Axactor has acquired the largest unsecured NPL portfolio since starting up in the fourth quarter of 2015. The portfolio is originated by Bank Norwegian in Finland and contains unsecured consumer claims with a total Outstanding Balance (OB) of approximately 160 mEUR, across more than 16,000 thousand credit card and personal loan accounts. This acquisition alone will increase Axactor’s ERC by 15%.
“This portfolio acquisition is Axactor’s largest to date, exceeding the Bank Norwegian deal in Sweden in 2017 and generating an immediate revenue stream for our new platform in Finland. This Portfolio reinforces Axactor’s commitment to the Nordic markets and we expect to expand several existing relationships into this new market. We are again very privileged that Bank Norwegian has continued to support Axactor by granting us this contract.”, says Endre Rangnes, Axactor CEO.
Axactor will acquire this portfolio through their jointly owned SPV with Geveran and will finance the transaction using existing cash and credit facilities.
For additional information, please contact:
Johnny Tsolis, CFO, Axactor
Mobile phone: +47 913 35 461