The BEST Group has concluded a purchase agreement for a bank receivables portfolio from Sygma Banque Societe Anonyme Branch in Poland with a total nominal value of approx. PLN 290 million. It will pay PLN 45 million for it.
The receivables purchased from Sygma Bank will be placed in the BEST I NSFIZ fund portfolio in which the BEST Group holds 100% of shares. The package includes approx. 25 thousand receivables, mainly non-performing cash loans.
"We observe an increased supply of bank receivables. The market for trading in non-performing receivables shows a clear growth trend boosted by: putting balance sheets into order by banks and consolidation processes in the bank sector. It is also accompanied by the supply of mortgage type portfolios. There is a good deal to indicate that after the record year of 2014, this year may bring yet another record in terms of the value of transactions," said Krzysztof Borusowski, President of BEST.
"The BEST Group participates in all significant tender procedures. We are prepared to finance the purchase of even the largest portfolios of receivables put up for sale. We always bid in a reasonable manner and we engage ourselves only in transactions where the price for the purchase of receivables allows to achieve the rate of return which is adequate to the risk characterising investments in our sector," emphasised the President of BEST.
General information about BEST
BEST S.A. has been listed on the Warsaw Stock Exchange since 1997. The company specialises in the trading and management of non-performing receivables. The BEST Group actively invests in receivables portfolios (especially in the field of banking) with the use of securitisation funds and provides debt collection services for third parties: banks, telecommunications operators, power companies and other mass service providers.
BEST is also the sole shareholder of BEST TFI which obtained its licence to operate from the Polish Financial Supervision Authority (KNF) in 2008. The combination of expertise in the fields of debt collection and that of the establishment and management of investment funds has helped the entity to concentrate all the elements of its business model within one capital group.
Currently, BEST TFI manages four funds, including three securitisation funds: BEST I NSFIZ, BEST II NSFIZ and BEST III NSFIZ, whose assets include portfolios of receivables with a total nominal value of over PLN 9 billion (as of the end of Q1 2015) and the non-public assets fund BEST Capital FIZAN.
For more information visit www.best.com.plor contact:
tel. 22 826 74 18 / mob. 516 173 691
tel. 22 826 74 18 / mob. 514 985 845