Cyprus: Qualco purchased Astrobank NPLs and REOs

AstroBank has agreed to sell Trusset Asset Management Limited to Qualco.

More specifically, AstroBank sold 74.9% of Trusset Asset Management Limited, a start-up company, to jointly manage the Non-Performing Exposure portfolio and AstroBank’s REOs. AstroBank will retain 25.1% of the company.

As part of AstroBank’s acquisition of the business, Qualco will employ 37 members of the bank’s staff, who have so far managed the portfolio.

In additionQualco will acquire from AstroBank all relevant IT, process, product, and AstroBank collective expertise in the management NPLs and REOs. These portfolios are still calculated in the Bank’s balance sheet.

 This agreement is part of AstroBank’s strategy to reduce its NPLs and is expected to improve the Bank’s capital adequacy ratio by about one percent, subject to certain conditions, including approval by the Protection of Competition Committee of Cyprus.

The consortium is expected to combine AstroBank’s local experience and expertise with Qualco’s key international experience, best practices and Debt Recovery software in order to become a significant player in Cyprus.

Since its founding 20 years ago Qualco Group, with headquarters in Athens and offices in the United Kingdom, France, Cyprus and Brazil, has served more than 70 customers in 15 countries.

Original Source: eRed.gr

Translation/Adaptation: Kiki Athanasiadis

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