Kruk’s Italian company bought receivables worth nom. about €70 million

Kruk’s subsidiary Kruk Investimenti has won a tender for the purchase of a portfolio of unsecured retail receivables from an entity of the BNP Paribas Group, with a total nominal value of about €70 million (about PLN 304.8 million), the company said.

“The news of the winning tender from today, as well as the decision to enter into a purchase agreement for further debt portfolios worth up to €175 million, which we announced on October 20, is very good news coming from the Italian market. We have significantly improved our efficiency and competitiveness there, which translates into a growing market position,” said CEO Piotr Krupa, quoted in the release.

“By Q3 2023, our investments in Italy this year totaled PLN 660 million. Today’s win should be finalized later this year, and in turn, the decision to sign the contract a month ago assures us of a regular flow of new investments over the next year. Today, we are already one of the leading partners for banks and other institutions in Italy. Thanks to the experience and continuous work of the local team, the importance of the Italian market for Kruk is steadily growing. We expect the increased relevance of Italy, but also Spain, to continue as the Group continues its international growth and digital transformation continues,” – He added.

Kruk is the largest receivables management company in Poland. The company has been listed on the Warsaw Stock Exchange since 2011; it is part of the WIG20 index.

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