Debt purchaser Hoist Finance has entered into an agreement to acquire a French non-performing retail mortgage portfolio with a balance of around £86m.
The portfolio has around 1,000 claims and a total outstanding balance of about SEK1,000m (£86m).
Hoist is unable to disclose the seller, but said it is one of the largest mortgage banks in France and the portfolio acquisition represents an investment in excess of £44m.
Fabien Klecha, country manager of France at Hoist, said: “Ahead of this transaction we brought in new expertise and built capacity to be well prepared to acquire and manage secured assets.
“This agreement allows us to enter the secured market in France in a disciplined way, furthermore it also provides significant intangible benefits to our business in terms of a broader product offering and reliability as a partner to banks and financial institutions.”
In March this year, Klaus-Anders Nysteen took over the position of Hoist’s chief executive from Jörgen Olsson who remains as a board member of the company. Nysteen joins from Lindorff group where he also held the position of chief executive.