London-based Link Financial Group purchased asset managementbusiness Everyday Finance from Finance Ireland, a nonbank lender, The Irish Times reported Sept. 29.
Finance Ireland decided to sell Galway, Ireland-based EverydayFinance after it became a noncore business for the company, the news reportsaid, citing Finance Ireland's head, Billy Kane. Financial details of the dealwere not disclosed.
Everyday, which previously operated as Finance Ireland AssetManagement, is the largest credit management, debt purchase and recoverybusiness in Ireland, with accumulated profits amounting to just under €3million at the end of 2015, The IrishTimes reported. It will formally rebrand as Everyday from Nov. 1.
Link reportedly provides outsourced loan servicing inEurope, holding more than €13 billion of receivables on its books and employingover 500 people in 10 offices across Europe.