KRUK to buy up to PLN 1.65bn of new debt from UniCredit in Italy

On March 18th 2022, KRUK announced that UniCredit SpA of Milan approved an agreement to be signed with KRUK’s Italian subsidiary for the purchase of unsecured retail debt portfolios. The agreement provides for the purchase of debts with a nominal value of up to PLN 1.65bn (EUR 350m), arising from the first quarter of 2022 to the end of 2022. The debt will be purchased in four tranches.

‘More good news from the Italian market. In June 2021, we announced the signing of an agreement with UniCredit for the purchase of unsecured retail bank debt, and today we announce a new project and a new agreement with the bank. Let me remind you we have been present in Italy since 2015, and it has been a long and busy time. We have the necessary know-how and experience in handling this type of debt, and a new agreement with the bank demonstrates the relationship has been successful and beneficial to both parties,’ noted Piotr Krupa, CEO and President of the Management Board of KRUK S.A. ‘We have recently reported stellar 2021 results, and now we can share another success with the market. We are working hard and actively participating in debt auctions across markets, so we expect strong investments this year. We have enough room on the balance sheet and access to financing, and we also generate cash from recoveries on purchased debt portfolios on a daily basis. We have the skills and capabilities to participate in interesting and profitable ventures in each market, and the news bodes well for the year.

Data on investments and recoveries for the first quarter of 2022 will be published by the KRUK Group by April 10th 2022.

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