APS entered the Croatian market by purchasing a portfolio of non-performing loans (NPL) with a nominal value of EUR 142 million. The company plans to hire over 40 staff in its new location.
The investment includes non-performing corporate loans, both secured and unsecured, those secure coming in particular from the residential, commercial and industrial property segments. The nominal value of the portfolio stands at EUR 142 million, was purchased from Hrvatska Postanska, with the approval of the National Bank of Croatia.
“Our purpose is to assist banks that hold receivables with problems and to help debtors aliminate debt, in fair and mutually advantageous conditions,” said Martin Machon, APS Holding CEO said. “We will use our best practices, based on the experience of over 500,000 cases of non-performing loans and of the 13 years of experience in the business sector of the European Union. Moreover, we continue to be interested in other investment opportunities on the dynamic Croatian market.
From beginning 2016, APS extended its operations in Croatia, Cyprus and Hungary. The Cypriot expansion is based on a partnership with Hellenic Bank (APS 51 percent, Hellenic Bank 49 percent). The new Cyprus-based company will be in charge of a portfolio of receivables valued at EUR 2.4 billions. The deal was approved by the European Central Bank and the National Bank of Cyprus. The Hungary office was inaugurated in January 2017 and is already opened.
Following this deal, APS opened an office in Zagreb, which will administer the portfolio of receivables from non-performing loans.
“We aim to hire approximately 40 experts in collecting receivables, collectors, analysis and qualified staff in the first half of 2017,” Victor Angelescu, APS Regional Director for Central and Eastern Europe said.
The new acquisitions add up to the current receivables owned by APS, which include 75 NPL portfolios with a total nominal value of over EUR 4.7 billion.