BMN Outsources Collection Entity For 36 Million Euros Paid to Lindorff
BMN received 36 million Euros for outsourcing the recovery of its defaulting debts. The entity chaired by Carlos Egea completed the transfer of its collection entity this week, together with its 30 employees, to the Norwegian platform Lindorff. In exchange of the labour costs reduction and gaining 36 million Euros of outcomes from 2013, BMN has signed an agreement on a 10-year management by which it pledges to pay fixed commissions and performance fees to the fund.
The agreement embraces all the default loans (consumer and SME) already considered abortive and being in the early stage of recovery: from 30 to 120 days since they have been qualified as so. BMN owns around 400 million Euros in the strip.
In the transaction appointed as Atenea, two other finalists bidding for the deal until the end were Gescobro, the platform joined with Miura Private Equity, and EOS Group, a German company that won in a tender of the same nature just yesterday. (…)
Thanks to the transaction, BMN will receive a strong boost in profits at ending the year 2013 and a better image on the European market.
In turn, the fund Lindorff also acquired the collection entity Reintegra from Santander in 2012 and the company is presently one of the greatest buyers of defaults in Spain.