KRUK wins bank debt auction in Poland
As announced in a current report released today, KRUK has won a debt sale auction held by one of Poland’s major banks. The resulting agreement will provide for the purchase of debt with a total nominal value of just under PLN 1.3bn. The transaction involves two portfolios: over PLN 540m of unsecured retail debt and PLN 730m of unsecured SME debt.
“We have another piece of good news to announce in terms of our investment activity, this time coming from the Polish market. We have already started working to smoothly finalise a debt purchase from one of Poland’s leading banks. The unsecured retail and SME debt with a total nominal value of PLN 1.3bn will be a significant addition to KRUK's existing strong assets,” comments Piotr Krupa, CEO and President of the Management Board of KRUK S.A. “Traditionally, the fourth quarter has brought more transactions and investment opportunities. Having enough room on its balance sheet, as well as an effective investment process and operational process, KRUK is ready to bid in further forthcoming auctions. Our successful bid to buy debt portfolios with such a huge nominal value should not come as a surprise to the market. The purchases made to date and recovery levels across the Group, including Poland, throughout the three quarters of 2021 have confirmed our capabilities and ambitions. We are not slowing down the pace with plenty of opportunities ahead, which I am extremely excited about.”
Complete data on the investments and recoveries for the fourth quarter of 2021 will be published by the KRUK Group by January 10th 2022.