KRUK wins another auction in Spain and is set to significantly expand its operations
The KRUK Group, a Polish leader of the Central European debt management market, has won an auction to buy its second consumer debt portfolio in Spain, with a nominal value of EUR 183m (PLN 807m). This is KRUK’s second investment in Spain, but one much more important than the first purchase in terms of the portfolio size and amount invested.
“We have made another step to expand our foothold on one of Europe’s largest debt markets. Spanish banks are highly interested in selling their non-performing debt portfolios. Judging from our transactions to date and auctions currently pending on the market, I believe we have not yet made our largest investments in Spain. Concurrently, we are working to build our business organisation in that country. We might strengthen the process by acquiring an external debt management company,” said Piotr Krupa, President of the Management Board of KRUK S.A.
KRUK’s operations in Spain were launched in December 2015. In April 2016, the Company bought its first debt portfolio from Spain’s BIGBANK AS Consumer Finance. The portfolio’s nominal value was EUR 3m, or approximately PLN 13m.
In the first three quarters of 2016, the KRUK Group invested PLN 936m in 60 debt portfolios with a total nominal value of PLN 6.4bn. The expenditure rose 220% year on year.