| LONDON, June 30
LONDON, June 30 British debt collection company
Arrow Global Group has acquired three Portuguese
portfolios of loans worth a total of around 1 billion euros
($1.4 billion) for 78 million euros, the company announced on
The portfolios, acquired from international and domestic
Portuguese banks, predominately include Portuguese consumer
loans as well as some small and medium-sized enterprise (SME)
loans. Arrow Global's Portuguese business now has a total face
value of more than 2 billion euros.
Banks are increasingly selling assets and improving the
quality of their balance sheets in light of capital constraints
and an asset quality review by the European Central Bank.
In the first half of 2014, Arrow Global purchased loans
totalling 1 billion pounds ($1.7 billion) of face value, for a
price of 98 million pounds, putting the company ahead of an
expected 115 million pounds of investment this year.
The three portfolios, included in the first-half total, were
acquired with cash on balance sheet and a portion of a 55
million pound revolving credit facility, which was increased
from 40 million pounds in October 2013, banking sources said.
($1 = 0.7331 Euros)
($1 = 0.5877 British Pounds)
(Editing by Mark Potter)