Hoist Finance (STO:HOFI) announces a strategic partnership that underpins the attractiveness of the Group’s offering towards international banks
At the same time the agreement results in a new market entry. This is well in line with Hoist Finance’s established and prudent expansion strategy to become the preferred debt restructuring partner to international banks.
Hoist Finance has entered into a strategic partnership as part of a consortium, consisting of Hoist Finance, Qualco S.A. and PricewaterhouseCoopers Business Solutions S.A. The consortium has been selected via a tender process initiated by the Bank of Greece to manage the aggregated NPL portfolio of 16 Greek banks under liquidation and to drive the reorganisation and optimisation of the underlying entities.
Total assets of the NPL portfolio amount to approximately EUR 9bn and cover all major asset classes. The agreement consists of end to end portfolio management solutions and full scale operational rationalization of the 16 resolved banks* aiming at optimizing proceeds. The transaction will not entail any material financial effects in the near future but could open significant opportunities over time for Hoist Finance.
Entering into the Greek NPL market has been a high priority for our company and the selection by the Bank of Greece represents a true testament to our commitment to establish Hoist Finance as the preferred debt restructuring partner for International Banks and Financial Institutions. We are looking forward to working closely with our partners in Greece, building on our international experience and NPL expertise, to deliver a best-in-class offering to the Bank of Greece, says Hoist Finance CEO, Jörgen Olsson.
The appointment represents a key strategic initiative for the Bank of Greece and a major step towards an effective restructuring of the Greek banking sector. The comprehensiveness of the offering and complementary nature of the three partners were cited as determining factors for the success of the proposal.
* The 16 resolved banks consist of i) Agricultural Bank of Greece S.A. under special liquidation, ii) Hellenic Postbank S.A. under special liquidation, iii) Proton Bank S.A. under special liquidation iv) Probank S.A. under special liquidation, v) FBB – First Business Bank S.A. under special liquidation, vi) Panellinia BankS.A. under special liquidation, vii) Achaiki Cooperative Bank Ltd. under special liquidation, viii) Cooperative Bank of Lamia Ltd. under special liquidation, ix) Cooperative Bank of Lesvos-Limnos Ltd. under special liquidation, x) Cooperative Bank of Dodecanese Ltd. under special liquidation, xi) Cooperative Bank of Evia Ltd. under special liquidation, xii) Cooperative Bank of Western Macedonia Ltd. under special liquidation, xiii) Cooperative Bank of Peloponnese Ltd. under special liquidation, xiv) T-Bank S.A. under special liquidation, xv) Bank of Crete S.A. under liquidation (L.2330/1995), xvi) ATE LEASING S.A. under special liquidation
About Hoist Finance
Hoist Finance is a leading debt restructuring partner to international banks and financial institutions, offering a broad spectrum of advanced solutions for acquisition and management of non-performing unsecured consumer loans. Hoist Finance operates through eleven in-house collection centers across Europe, complemented by local external debt servicing partners. The total carrying value of Hoist Finance’s acquired loans was approximately SEK 11.3 billion as per 31 December 2015. The parent company Hoist Finance AB (publ) is listed on Nasdaq Stockholm Mid-Cap list and its subsidiary Hoist Kredit AB (publ) is a regulated “Credit Market Company” under the supervision of the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). In Sweden, the company offers internet-based savings deposit services through HoistSpar, with around 85,000 active accounts.
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