European debt purchaser Hoist Finance has acquired its first Spanish portfolio, which comprises non-performing banking claims originated by four regional banks.
Hoist said the “well-diversified” portfolio is made up of around 115,000 loans, of which 86,000 are consumer unsecured loans and 29,000 are loans to small and medium-sized enterprises (SMEs).
The total investment amounts to just over €22m. The estimated remaining collections amounts to about €48m over 120 months.
Najib Nathoo, regional director for west Europe at Hoist Finance, said: “We are pleased to establish a presence in Spain, which is an important European market.
“This acquisition further underlines our vision in becoming the leading debt restructuring partner in Europe. We have invested in a broad portfolio of assets with our robust diligence and investment standards, working with local partners and experts who have solid experience and track records in Spain.”