June 20 (SeeNews) - Norwegian debt solutions provider B2Holding ASA has fully acquired Bulgaria's Debt Collection Agency, the latter said on Monday.
The purchase was made through Dutch-registered Ultimo Netherlands BV, a fully owned subsidiary of B2Holding, and includes Debt Collection Agency's subsidiary in Romania and the specialised company in collecting debts of legal entities Smart Collect, Debt Collection Agency said in a press release.
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With the acquisition, B2Holding expects strong growth in the number of transactions for the acquisition of non-performing loans (NPLs) in the short term.
Bulgaria is a new market for the Norwegian debt specialist, while the company has already bought NPL portfolios in Romania, but has not had a subsidiary there.
B2Holding operates in 14 European countries with a staff of 1,500. In southeast Europe, it is present in Croatia, Serbia, Slovenia, Montenegro, Romania and Bulgaria.
Debt Collection Agency is specialised in acquiring debt portfolios from banks, financial institutions and utility companies. It had a profit of 1.9 million euro for 2015 on revenues of 5.9 million euro. The company employs 140 people in Bulgaria and 40 in Romania.