Collectius Announces New Landmark Agreement With Philippine Bank for Over USD 50M of Credit Card NPLs
The current economic situation for lending businesses is highly uncertain. Many companies have already experienced the inevitable consequences of COVID-19 and are now focusing on adjusting their strategies. Collectius supports many banks and financial institutions with liquidity, allowing them to focus on their core activities.
MANILA, Philippines, June 25, 2020 (Newswire.com) - Global restructuring firm Collectius has forged a new successful partnership with a leading Philippine bank. The bank has sold its non-performing loans worth more than USD 50M to Collectius, vastly improving their liquidity position.
Maintaining their number one spot as the preferred debt acquisition partner in the Philippines, the Collectius Philippines branch is now managing over 1.1M accounts worth more than USD 1BN.
Together with this deal, Collectius has already close to 10 partnerships with leading local banks, international banks and leading consumer financial institutions in the country.
The selling of these non-core assets will further strengthen the bank’s liquidity position. The portfolio comprises of more than 115,000 accounts, and the borrowers include individuals who have undertaken credit card loans. In addition to the revenue generated by the sale, the collaboration will also offer cost-saving advantages for the selling bank, in particular labour costs.
Ann Aguilar, Managing Director of Collectius Philippines says, “The Philippines has been under Enhanced Community Quarantine (ECQ) since March 17 due to COVID-19, and it has taken an extraordinary team spirit from both companies to close this deal. We have a strong commitment to our “Collectius Way of Collection” which we have further strengthened in solidarity with the Filipino people during these challenging times.”
Collectius is a trusted restructuring partner to banks and financial institutions in Asia with operations in Indonesia, Philippines, Singapore, Malaysia and Thailand; its business is to purchase portfolios of non-performing consumer loans and recovers them by supporting its customers to become debt-free using the “Collectius way of collection”. The company is offering a customer-centric approach and operates a data-driven collection platform powered by machine learning and digital-first communication. Collectius is bringing foreign direct investment, providing employment opportunities and high-quality training of its staff. Collectius is funded by Stena, a Swedish shipping conglomerate and the largest ferry operator in the world.
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Source: Collectius Group