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B2Holding acquired a portfolio for €400M from Bank of Cyprus

Debt purchaseNorway-based B2Holding, owner of Debt Collection Agency, has through its Cypriot entity B2Kapital Cyprus, in a partnership with Waterfall Asset Management signed an agreement with Bank of Cyprus Public Company Ltd. for the acquisition of an unsecured non-performing loan portfolio with a face value of EUR 400M, the buyer announced on its site.

The portfolio consists of a mix of loan products issued to individuals and small businesses. The entire portfolio will be serviced by B2Kapital Cyprus. Established in 2017, B2Kapital Cyprus is already servicing a mixed non-performing loan portfolio with secured and unsecured SMEs.

Cyprus is one of the most active NPL markets in Southeast Europe with around EUR 6.5B of NPLs. B2Holding’s mission is to further grow the local platform and to present a credible alternative provider in the servicing and acquisition of non-performing loans. “Developing our servicing platforms is a major focus for the B2Holding Group in 2020. The successful completion of this transaction will support this target“, says Erik Johnsen, Interim CEO of B2Holding ASA.

B2Holding ASA has entered into a partnership with Waterfall Asset Management for co-investments in unsecured portfolios in the Nordic region since the fall of 2019. In December B2Holding Group signed the agreement with Waterfall to enter into a co-investment for a non-performing loan portfolio in Sweden in December. The portfolio with a face value of EUR 68M comprising of consumer loans and credit cards, was previously purchased by B2Holding in June 2019 from an international bank operating in all Scandinavian countries. B2Holding and Waterfall have together set up a new entity which will own the portfolio and in which B2Holding will have a minority share.

Previously, B2Holding and Waterfall have co-invested in two unsecured loan portfolios in Greece. Check out more about these transactions here. This transaction is another step into the new strategic direction of B2Holding to increase its assets under management and the share of revenue from external servicing.