KRUK invests in Italy and signs contract to purchase debts with nominal value of more than PLN 2bn in 2023-2024

On December 12th 2022, KRUK announced that on the Italian market it had entered into contracts with entities of the UniCredit S.p.A. Group of Milan, for the purchase of unsecured debt portfolios with a nominal value of approximately EUR 75m (PLN 351.84m, translated at the average exchange rate quoted by the National Bank of Poland for December 12th 2022) and unsecured consumer loans (to be purchased in quarterly tranches starting from May 2023) with a total nominal value of up to EUR 460m (PLN 2.16bn translated at the average exchange rate quoted by the National Bank of Poland for December 12th 2022), qualified in 2023 and 2024.

“This is another major success in Italy. Closing transactions before the end of the year is somewhat of a tradition, but it is also a good sign for the years to come, especially if the contracts provide for periodic inflows of debts. It is also beneficial operationally, because with our advanced analytical skills, machine learning and new customer contact solutions we are able to more efficiently plan and execute our debt management strategy. The Italian market offers great prospects, and over the seven years of our presence there we have reached a level of operational maturity that allows us to look to the coming years with optimism,” comments Piotr Krupa, CEO of KRUK S.A. “This transaction not only strengthens our position in Italy, but also highlights KRUK’s position as an international organisation with a growing investment portfolio based mainly in Italy and Spain.

Full figures on investments and recoveries for the forth quarter of 2022 will be published by January 10th 2023.