Swiss multinational DDM Group, specializing in investments in assets previously held by financial institutions, has finalized the acquisition of a non-performing loan (NPL) portfolio with a nominal value of over 1 billion euros in Romania. The transaction received approval from the relevant Romanian authorities.
The portfolio of unsecured consumer receivables was purchased from the Swedish group Intrum, the leader in credit management and debt recovery in Europe, and the former owner of the debt recovery firm Top Factoring. With this sale, Intrum exits the Romanian debt recovery market.
The net purchase price is estimated at approximately 10 million euros (17.3 million euros gross). The portfolio will be managed by the firm AxFina, a part of the DDM Group. DDM, founded in 2007 in Switzerland and listed on Nasdaq Stockholm in 2014, invests in assets and companies previously owned by financial institutions, including both performing and non-performing loans, and special situations, with a focus on the Central and Eastern European markets.
Razvan Munteanu, a Romanian and former CEO of Addiko Bank, was appointed as the CEO of DDM earlier this summer.