25 January, Bebeez
The giant of NPL management Lindorff-Intrum Justitia has bought in Italy the Mass Credit Collection Department from PwC TLS, the Italian legal and accounting firm member of the international network PwC, with over 100 million yearly revenue and about 600 professionals (associates, apprentices, collaborators). The MCC Department has provided since the end of 2011 legal and paralegal consultancy in mass credit collection on behalf of Italian and international prime clients.
More in detail, the legal team that used to work in the MCC Department has constituted a new association named Intrum Law Italy that will work for the group Lindorff-Intrum (which will be called in Italy only Intrum starting from February), carrying out legal activities thanks to a cooperation agreement signed at the moment of closing.
The team amounts to about 60 people altogether, supporting the legal and paralegal collection of commercial and financial debts of the group Intrum and of its clients, thanks also to the web-based platform developed by PwC TLS through the years.
“We’ve chosen to internalise the master legal services as we believe that controlling each component of the process of the credit collection, together with ethical and certified collection procedures, will make possible promoting at its best the managed portfolios of our clients as well as ours, aligning our performance to the market best practice”, commented Antonella Pagano, Italy Managing Director for Lindorff-Intrum Justitia.
The acquisition of the MCC Department and the agreement with PwC are only the last steps for an important strengthening process of Lindorff-Intrum Justitia in Italy, after the acquisition of CAF last December from Lone Star, together with a 370 million NPL portfolio, the acquisition of Gextra last May from Italfondiario and the founder Francesca Carafa (that stayed in the team), and that of Cross Factor in the spring 2016. In the meanwhile, Lindorff-Intrum is currently negotiating with Intesa Sanpaolo to acquire its NPL management platform, along with an NPL portfolio of 10 billion.
Today, Lindorff- Intrum Justitia is present in Italy with a team of about 400 people, with offices in Milan, Bologna, Rome and Bari, working with over 250 active accounts. Lindorff- Intrum Justitia is the leading global operator for credit services, born last June from the merger of the Norwegian Lindorff (owned by Nordic Capital) and the Swedish Intrum Justitia.
Translator: Cristina Ambrosi