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Cyprus: AstroBank acquired QQuant

The Qualco Group and Astrobank have announced the acquisition of QQuant Master Servicer Cyprus by Astrobank. The two parties have agreed as AstroBank, which held 25.1% in QQuant, will also acquire the remaining 74.9% of the equity, previously held by the Qualco Group.

Over the past two years, QQuant’s collaboration with AstroBank has substantially contributed to the more efficient management of non-performing loans, with a significant reduction in the NPL ratio and sales of AstroBank properties.

The Qualco Group intends to continue its activity in Cyprus, as well as its cooperation with AstroBank, through a contract to manage part of AstroBank’s NPL portfolio.

Qualco Group, with over 20 years of experience, is a leader in the provision of technology solutions and services covering the entire lifecycle of loan and credit receivables management. AstroBank is a dynamically developing Cypriot credit institution. With a network consisting of 15 branches and offices throughout Cyprus, AstroBank is professionally established in the local market.

Original Source: Philenews.com

Adaptation/Summary: Kiki Athanasiadis