KRUK increases investments in Italy

Today, KRUK has signed an agreement with UniCredit S.p.A. of Milan to acquire a portfolio of unsecured retail debt totalling EUR 35m of nominal value (PLN 152m, translated at the mid exchange rate quoted by the National Bank of Poland for 22 April 2024) along with a forward flow portfolio of unsecured retail debt valued at approximately up to EUR 460m of nominal value (PLN 2bn, translated at the same exchange rate), qualified for acquisition in 2024 and 2025. This debt portfolio will be acquired in eight quarterly tranches, starting June 2024. The first four tranches of unsecured consumer loan debt, qualified for acquisition in 2024, were contemplated in the agreement announced by the Company in Current Report No. 87/2022 dated 12 December 2022.

‘The importance of the Italian market for KRUK is rising, prompting us to increase investments in the region. We remain steadfast in our commitment to enhancing operational efficiency and solidifying our market position, hence the decision to invest in debts originating over the next two years. Following thorough analysis and renegotiation of contractual terms with the bank, today’s agreement includes a portion of previously contracted debt investments,’ noted Piotr Krupa, KRUK CEO. ‘Last year witnessed substantial investments by KRUK in Italy, a trend that has continued into the first quarter of 2024. We remain active in all our major geographical markets, including Poland. This said, foreign markets are set to play an increasingly pivotal role for the KRUK Group, given its international footprint’.  

Full data on investments and recoveries for the second quarter of 2024 will be published by 10 July 2024.