25th Nov 2013 09:19
LONDON (Alliance News) - Arrow Global Group PLC Monday said it has bought another package of student loans as part of a consortium it leads with CarVal Investors.
Arrow Global, which will be the master servicer for the entire portfolio, has invested GBP11 million in acquiring the loans and has a commitment to invest up to a further GBP22 million in assets arising from the transaction by January 2016.
It said that the new package brings its total student loans managed portfolio to more than GBP1 billion.
"This is an important step for Arrow Global towards delivering this year's financial goals and positioning the business for growth in future years," Chief Executive Tom Drury said in a statement.
In a separate statement, the UK government said the loans are the remaining 17% of mortgage-style loans taken out by students who took courses between 1990 and 1998, and it has made GBP160 million from the sale.
"The private sector is thought best placed to collect the outstanding debt, allowing the Student Loans Company to concentrate on administering newer loans," the government said.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
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