Maybank Indonesia Offloads More Than USD 330M Worth of Written Off Receivables to Collectius
JAKARTA, Indonesia, April 11, 2019 (Newswire.com) - Maybank Indonesia is focusing on their core activities by selling written off receivables for more than 330M USD to Collectius, a multinational credit management service and asset management company pioneering debt purchase in Indonesia.
The selling of the written off receivables will further strengthen the bank’s liquidity position. The portfolio comprises more than 300,000 accounts and the borrowers include individuals who had undertaken credit cards and personal loans. The decision will enable the bank to focus their resources and concentrate on core activities.
“Good reputation and experience in managing receivables portfolio (cessie) in South East Asia were the reasons Maybank chose to work with Collectius to manage their customers. Apart from the revenue generated by the sale, the collaboration also offered added advantage for Maybank Indonesia from a cost saving perspective, in particular, the labor cost. Maybank, in turn, will provide a “One Stop Banking” solution for Collectius in terms of their operational needs, such as payroll, cash management, payment point and credit card, etc., an additional benefit from business standpoint for Maybank Indonesia,” says Edwin D Brethoniere, Head of Consumer Asset Quality Management of Maybank Indonesia.
“This is our first deal in Indonesia and marks the start of a positive beginning for more than 300,000 Indonesians to becoming debt free,” says Gustav A. Eriksson CEO Collectius Group.
About Maybank Indonesia
PT Bank Maybank Indonesia Tbk (“Maybank Indonesia” or “the Bank”) is one of the leading private banks in Indonesia that is also part of Malayan Banking Berhad (Maybank) Group, one of the largest financial services group in ASEAN. Previously, Maybank Indonesia was known as PT Bank International Indonesia Tbk (BII) which was founded on 15 May 1959, obtained its license as a foreign exchange bank in 1988, and had its share listed as a publicly listed company in Jakarta Stock Exchange and Surabaya Stock Exchange (now merged as Indonesia Stock Exchange) in 1989.
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
Categories: Financial News