Today, KRUK has won an auction for the purchase of an unsecured retail debt portfolio from a BNP Paribas Group entity with a total nominal value of approximately EUR 70 million (PLN 304.8 million, as translated at the mid exchange rate quoted by the National Bank of Poland for November 27 2023).
“Today's announcement of our auction win, coupled with the decision to conclude an agreement for the purchase of additional debt portfolios with nominal value of up to EUR 175 million, that we disclosed on October 20th, is certainly great news, marking a significant milestone in our operations on the Italian market. Our efforts to enhance efficiency and competitiveness in Italy have been paying off, resulting in a stronger foothold in that market,” comments Piotr Krupa, CEO of KRUK S.A. “In the current year alone, the amount we’ve invested in Italy has come to PLN 660 million. We expect to complete the transaction resulting from today's win later this year, while the recent decision to sign the agreement ensures a steady stream of new investments over the coming year. As of today, we’re recognised as one of the leading partners for banks and other financial institutions in Italy. Behind the Italian market’s growing importance for KRUK stands our local team with their experience and incessant work. We expect to see a continued rise in the significance of Italy, but also Spain, as the Group progresses on the path of international expansion and digital transformation.”
Full figures on investments and recoveries for the fourth quarter of 2023 will be published by January 10th 2024.