Multinational credit management service and asset management company Collectius Group has completed its acquisition of a Non-Performing Loan (NPL) portfolio from a leading bank in the Philippines valued at $350 million.
The deal consists of 340,000 credit cards and personal loans, with Collectius terming it as a breakthrough deal in the Southeast Asia (SEA) debt buying markets.
Professional services firm PwC served as Collectius’ advisor for the transaction.
Collectius Group’s head of portfolio acquisition Ivar Bjorklund said the bank deal will open up many more opportunities in the future.
“We have deep pockets and are hungry to grow our business,” Bjorklund said. “We feel that we are the preferred choice of many banks today.”
Earlier this year, Collectius acquired CJM Solutions, a debt collection agency with headquarters in Manila.
Established in 1999, Collectius has operations in the Philippines, Singapore, Malaysia and Thailand. It is funded through its Swiss holding company in Zug, and its largest financier is Stena, a Swedish shipping conglomerate.
Collectius’ goal is to help debtors become debt free. The company promotes debt collections that have the highest level of compliance, automation, predictive analytics, big data analytics and customer-centric offer optimization.