KRUK wins its first auction in Spain
The KRUK Group, a European debt management company, has won an auction to purchase a debt portfolio from the Spanish bank BIGBANK AS Consumer Finance. The portfolio’s nominal value is EUR 3m, or approximately PLN 13m.
“Our first auction won in Spain may not be spectacular in terms of nominal value, but it nonetheless marks an important step for the KRUK Group, ushering our business into one of Europe’s largest debt markets, where we intend to consistently expand our foothold,” said Piotr Krupa, President of the KRUK Management Board.
Last year, KRUK established its Spanish subsidiary – KRUK Espana of Madrid. KRUK Espana’s business is the provision of debt management services to third parties and management of debt portfolios purchased by the Group in Spain.
“We are teaming up with new partners and are currently taking part in a number of much larger debt auctions. Just like on the Italian market, the Spanish transaction was also carried out with the support of experienced local players. Also, we do not rule out the possibility of working with local partners in managing our first portfolios on the Spanish market,” said Piotr Krupa.
When the transaction is closed, the KRUK Group will have acquired portfolios on as many as seven European markets – Poland, Romania, the Czech Republic, Slovakia, Germany, Italy, and Spain.