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Intrum to take over SVEA portfolio

The local unit of Swedish debt collection company Intrum on Monday said that it will be taking over the management of the HUF 19 billion debt portfolio of Swedish peer SVEA in Hungary, according to a report by state news wire MTI.

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SVEA Finance on July 17 sold its unsecured retail receivables to Intrum and once the deal is finalized Intrum will take over the management of some 250,000 debt contracts and SVEA will terminate its local business.

Intrum Director of Sales and Business Development Károly Deszpot said the deal is a great success for the company as many of their competitors also wished to acquire SVEAʼs portfolio. Intrum expects further consolidation on the debt collection market and plans to make further acquisitions, he added.

The Hungarian unit of Intrum has more than 400 employees and its annual revenue was above HUF 33 bln. The parent company is based in Stockholm and is active in 25 European countries with more than 10,000 employees.