30th Jun 2014 08:20
LONDON (Alliance News) - Debt-collector Arrow Global Group PLC Monday said it has acquired three debt portfolios from Portuguese clients with a face value of about EUR1 billion for EUR78.0 million, in a move to ramp up its business in Portugal.
In a statement, Arrow Global, which has been buying assets from European banks as they clean up their balance sheet to meet new regulatory requirements on capital, said the deals represent a "significant expansion" of its Portuguese business. It said that its latest deals have come from both international and domestic Portuguese banks, as well as both both existing and new clients. It said the acquisitions are further evidence of European banks' tendency to sell.
"Although two of these portfolio purchases were initially expected in [the third-quarter], we have been able to complete them in [the second-quarter] and at a larger size. As a result, we now expect our full year purchases to be ahead of our previous expectations, laying a strong foundation for earnings growth in future years."
Arrow Global shares were Monday quoted at 231.75 pence, up 3.0%.
By Samuel Agini; [email protected]; @samuelagini
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