AstroBank announced on Wednesday the acquisition of QQuant Master Servicer Cyprus Limited, an independent servicer of non-performing loans.
The two parties have agreed that AstroBank, which owned 25.1 per cent in Quant, will also acquire the remaining 74.9 per cent of the share capital, previously held by the Qualco Group, Astrobank’s announcement said.
During the last two years, the company’s collaboration with AstroBank has substantially contributed to the more effective management of non-performing loans with a significant reduction in the MEX index and sales of AstroBank properties, as stated in the announcement.
Quant Cyprus is an independent servicer of non-performing loans granted by banks and financial institutions to individuals and enterprises in Cyprus with the aim to become a pioneer in the loan servicing sector, turning distressed assets into liquidity.
The Qualco Group, it is reported, intends to continue its activity in Cyprus, as well as its cooperation with AstroBank through a management contract for part of AstroBank’s non-performing loans (NPL) portfolio.
Qualco Group, with more than 20 years of experience, is a leader in the provision of technological solutions and services that cover the full spectrum of the life cycle of loan and credit receivables management the announcement added. Headquartered in Athens and with a significant presence in the United Kingdom and continental Europe, it serves more than 140 organisations in 35 countries and is owned by Pimco, one of the world’s largest fund management companies. Today, more than 800 specialised workers are employed in the group’s companies.
AstroBank Public Company Limited was established in 2008 and is supervised by the Central Bank of Cyprus. With a network of 15 branches and offices throughout Cyprus, AstroBank is professionally established in the local market, offering a comprehensive range of innovative and technologically advanced products and services that meet the needs of its local and international clientele.