In the first quarter of 2014, the KRUK Group made record high investments in debt portfolios. Over the period, the Group companies invested a total of PLN 269m to purchase nine debt portfolios with an aggregate nominal value of ca. PLN 1.1bn. Taking into account the purchase of a consumer debt portfolio from Santander Consumer Bank in April, in the year to date the KRUK Group has already invested more than PLN 300m, which corresponds to 83% of the total expenditure in 2013.
“In the first three months of this year, we invested over PLN 20m more than in the second quarter of 2011, when the previous record of PLN 249m was set. We also made further crucial steps in our development. On March 31st 2014, we purchased a portfolio of mortgage-backed debt from Getin Noble Bank for a price of PLN 230m. As the first transaction on such a large scale, the purchase has not only given us a strong footing in a new operating segment, but has also marked a landmark moment for the Polish debt management market,” commented Piotr Krupa, President of the KRUK Management Board.
The investments made in Q1 2014 represent approximately 73% of the total amount of PLN 367m invested by the Group in new portfolios in 2013. In addition, in early April 2014, the KRUK Group executed a debt purchase transaction with Santander Consumer Bank for a consideration of PLN 36m, which brings this year's investments to 83% of the total expenditure incurred in 2013.
“We don't want to slow the pace – in line with our strategy, we are set to actively participate in all auctions of unsecured consumer debt, mortgage-backed debt and corporate debt that will come our way. Also, with our sights set on entering a new geographical market, we are closely looking at such countries as Germany, Spain and Turkey,” added Mr Krupa.