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Polish debt collector GetBack to acquire debt portfolio from local lender

An offer made by a unit of debt collector GetBack SA was selected by a Polish bank as the best bid to purchase a bad debt portfolio with a nominal value of 1.2 billion Polish zlotys, the company said Dec. 1.

GetBack did not disclose the name of the bank or the price offered for the portfolio, although it said it was comparable with prices typically paid in such transactions. The portfolio will be purchased after the parties reach an agreement on the final conditions of the transaction.

The debt collector also said in November that a unit won tenders to purchase debt portfolios with a nominal value of €246 million and €637 million on the Spanish market.

As of Dec. 1, US$1 was equivalent to 3.54 Polish zlotys.