CaixaBank has transferred a nonperforming loan (NPL) portfolio with a nominal value of €363 million to KRUK. The portfolio, dubbed “Cobalt”, comprises more than 130,000 unsecured debt files with private individuals.

Last year, the Polish debt collection management firm also closed with CaixaBank the purchase of another portfolio of NPL without collateral with a nominal value of €315 million, integrated in the “Twister” project, which included an additional tranche of €330 million of debt that Link Capital Management was awarded.

Founded in Poland in 1998, Kruk landed in Spain in 2015 with the integration of the Espand platform. It currently has a team of more than 400 professionals and last year stood out as one of the most active investors, with an estimated market share of more than 40% in the purchase of unsecured retail debt according to company estimates.

New divestments

Banks will put some €15 billion in non-performing assets up for sale this year, similar to those transferred in 2023, according to debt recovery industry forecasts. Unsecured non-performing portfolios and current mortgage transactions that defaulted at some point in the last year or were refinanced (RPLs in financial jargon) are expected to dominate again.

Original Story: El Economista| Author: Eva Contreras
Edition and translation: Prime Yield