Collectius Signs Deal of More Than USD500M Non-Performing Loans With the World's Largest Credit Card Issuer
SINGAPORE & MANILA, Philippines, May 17, 2019 (Newswire.com) - In preparation to boost more liquidity and cleanse their balance sheet, a reputable international bank in the Philippines has sold more than USD500M non-performing loans to Collectius, a multinational credit management service and asset management company pioneering debt purchase in the Philippines.
With the purchase of over 250,000 credit card NPLs by Collectius, the bank is positive on obtaining better spread, margin and credit quality. With this move, the bank is well positioned to enhance its growth. This meaningful step should support higher earnings and returns in the coming years.
“Collectius has once again successfully closed a transaction to purchase written-off credit card receivables from a major foreign financial institution in the Philippines. It passed the rigorous due diligence of the financial institution, demonstrating Collectius’ commitment to adhere to high standards of debt-servicing and collections,” says Jade Roxas, PWS Philippines.
“We are excited to prove again that we are here to provide fresh capital and financial stability for banks and financial institutions in the Philippines and at the same time, improving the lives of hundreds of thousands of customers and their families by supporting our customers to become debt-free,” says Gustav A. Eriksson, CEO, Collectius Group.
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.
Source: Collectius Group