The KRUK Group, a leader of the Central European debt management market, has concluded negotiations and signed an agreement to purchase a debt portfolio from the Italian bank Monte dei Paschi di Siena for EUR 51m, or PLN 222m. The portfolio includes around 40,000 consumer debt cases, with a nominal value of EUR 350m (approximately PLN 1.5bn). It is the second debt portfolio purchased by the KRUK Group on the Italian market. The first one, with a nominal value of PLN 350m, was purchased in December 2015 from UBI.
“The purchase of another large portfolio in Italy confirms our ambitions on that market, as well as its enormous potential. Closing of the transaction with one of the world’s oldest surviving banks and one of the largest in Italy is an important milestone in building our position not in Italy alone, but generally in Europe,” said Piotr Krupa, President of the Management Board of KRUK S.A.
In early November 2015, KRUK set up two companies in Italy, KRUK Italia and ItaCapital, based in Milan. KRUK Italia’s business is the provision of debt management services to third parties and management of debt portfolios purchased by the Group in Italy. ItaCapital is a securitisation company, and its core business is debt purchasing. In December 2015, KRUK purchased from UBI its first Italian debt portfolio with a nominal value of EUR 82m (PLN 350m).
“The Italian market is among those in Europe which have the greatest potential. It is already clear that it can be a strong driver boosting our future performance. The purchase of the second large portfolio within such a short time span is, I believe, an enormous success of our business model, as well as proof of the effective work of our entire team,” concluded Piotr Krupa, President of the Management Board of KRUK S.A.