Today, KRUK announced in a current report that it has entered into an agreements to purchase unsecured retail debt portfolios in Italy from one of the largest banks, Deutsche Bank SpA of Milan. The nominal value of the purchased debt cases is close to PLN 1.5bn, of which debt worth up to PLN 1.2bn will be purchased in quarterly tranches until November 2023.
“This year we have had lots of good news to share with the market concerning our investment activity, also in Italy. We have eaten a humble pie in that market. Today we have an increasingly efficient operational process, a highly motivated team and financial resources to invest in assets we understand best, that is unsecured retail debt under bank loans,” comments Piotr Krupa, CEO and President of the Management Board of KRUK S.A. “I am calm and confident in our Italian business, as well as our operations in the other markets. 2021 is not over yet and since it abounds in investment opportunities I have a feeling that it will be a record-breaking year for us in terms of new debt purchases”.
Complete data on the investments and recoveries for the fourth quarter of 2021 will be published by the KRUK Group by January 10th 2022.