On July 21 2023, KRUK Spain, belonging to the Polish KRUK S.A., announced that it had entered into agreements for the purchase of credit on the Spanish market with the CaixaBank group.
The subject of the agreements are portfolios of unsecured loans with a total nominal value of approximately EUR 315 million (PLN 1.4 billion, converted at the average exchange rate quoted by the Polish National Bank on 21 July 2023).
Piotr Krupa, CEO di KRUK S.A declared “The importance of the Spanish market for KRUK is growing, as evidenced by our another successful auction bid – this time – for debt portfolios with a nominal value of nearly PLN 1,4 billion. The transaction has been finalized today with entering in the agreements with CaixaBank Group. This is the first such large transaction from a third bank in Spain, which will expand our investment opportunities in the future. A week ago, KRUK also finalized the purchase of portfolios from BBVA with a nominal value of PLN 1.9 billion, which we announced at the end of June. We are pleased to see the increasing competitiveness and strong foothold of our operations in this region of Europe. Our initial entry into the Spanish market dates back to 2016, when we acquired our first debt portfolio with a nominal value of PLN 13 million. Since then, we have made significant strides in achieving profitability in this market. Our experienced and highly motivated team of 350 employees more and more effectively manages the expanding debt portfolio. We have the ambition to be the leading player in Spain in the unsecured retail debt portfolio purchase market.” concludes the CEO.
Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.