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Polish debt collector to buy €750M NPL portfolio from Banca IFIS

Polish debt collection company Kruk SA and Banca IFIS SpA signed a binding offer for the sale of a €750 million portfolio consisting of more than 70,000 nonperforming loans.

The operation was carried out in the secondary unsecured market, allowing Banca IFIS to realize a capital gain, according to a Dec. 22 press release.

Andrea Clamer, the head of the NPL division at the Italian bank, noted the sale of the portfolio by the lender is in line with its strategy that includes the purchase, management and sale of NPLs.

Kruk said its expansion in Italy will be supported by the November acquisition of Credit Base International Srl, with which it had worked for several months on portfolio valuations and debt management. From entering the Italian market until the end of third quarter of 2016, Kruk invested €56 million into unsecured retail debt portfolios with an aggregate nominal value of around €500 million. The company agreed recently to purchase a €940 million NPL portfolio from UniCredit SpA.