KRUK enters the German market
KRUK Deutschland GmbH is the name of a new company based in Berlin, German, whose deed of incorporation was signed by the KRUK Group on August 19th 2014. This event marks KRUK's first step on its way to the attractive German market. The company's business will primarily comprise management of debt portfolios purchased by the KRUK Group entities and credit management services.
"Germany is a large consumer market with nearly 80m inhabitants. At over EUR 230bn, the value of consumer loans granted by banks in Germany is four times higher than in Poland, and the debt purchase market there is one of the largest in Europe. The attractiveness of the German market is further confirmed by the presence of the largest European debt management companies, some of which are also active in Poland and Romania. In Germany, our competition with these companies will be based on our unique amicable settlement strategy. Our market surveys have shown strong approval for this strategy by both market participants and debtors. We are building our organisation as a new venture, transferring best practices we have gathered throughout the 16 years of our operations and adapting them to the local legal and cultural environment. In the next step, we will purchase first debt portfolios in Germany," says Piotr Krupa, President of the Management Board of KRUK S.A.
Previously, KRUK's operations focused on Central Europe: Poland, Romania, the Czech Republic and Slovakia.
"Foreign expansion is part of our long-term strategy. Our expansion to the German market shows that in addition to our operations in Central Europe we are becoming bolder in our plans to enter Western European markets. We are particularly interested in large consumer markets," adds Piotr Krupa.