On July 21st 2023, KRUK announced that it had entered in the debt purchase agreements on the Spanish market with CaixaBank Group entities. The subject of the agreements are retail unsecured debt portfolios with a total nominal value of some EUR 315 million (PLN 1,4 bn, as translated at the mid exchange rate quoted by the National Bank of Poland on July 21st 2023).
“The importance of the Spanish market for KRUK is growing, as evidenced by our another successful auction bid - this time - for debt portfolios with a nominal value of nearly PLN 1,4 billion. The transaction has been finalized today with entering in the agreements with CaixaBank Group. This is the first such large transaction from a third bank in Spain, which will expand our investment opportunities in the future. A week ago, KRUK also finalized the purchase of portfolios from BBVA with a nominal value of PLN 1.9 billion, which we announced at the end of June. We are pleased to see the increasing competitiveness and strong foothold of our operations in this region of Europe," comments Piotr Krupa, CEO of KRUK S.A." Our initial entry into the Spanish market dates back to 2016, when we acquired our first debt portfolio with a nominal value of PLN 13 million. Since then, we have made significant strides in achieving profitability in this market. Our experienced and highly motivated team of 350 employees more and more effectively manages the expanding debt portfolio. We have the ambition to be the leading player in Spain in the unsecured retail debt portfolio purchase market.”
Full figures on investments and recoveries for the third quarter of 2023 will be published by October 10th 2023.