SOURCE: Aktiv Kapital

Aktiv Kapital

December 06, 2010 11:02 ET

Aktiv Kapital Purchases a Large Canadian Portfolio

OSLO, NORWAY--(Marketwire - December 6, 2010) - Aktiv Kapital signed a contract last week with a large Canadian financial institution acquiring a non-performing portfolio with a face value of approximately 300 million CAD (1.8 billion NOK). The portfolio consists of over 72,000 accounts. This year, Aktiv Kapital has invested in Canadian portfolios with a face value of over 500 million CAD (3 billion NOK) with this recent purchase being the largest since 2007.

"This purchase confirms our strategy of maintaining and reinforcing our position as the leading investor in the non-performing loan market. We are pleased to see that one of the major Canadian banks has decided to sell. The latest agreement is a result of a longstanding relationship with our Canadian colleagues, and we believe this will only build on our strong partnership," says Erik Oyno, President and CEO of Aktiv Kapital. 

He continues: "The portfolio is already generating cash-flow and we see great potential because of the attractive average face value. This kind of portfolio fits well with our collection experience and performance on financial accounts which in the Canadian financial downturn have performed better than accounts originated by non financial institutions.

"We believe that with our customer-oriented collection approach we will be able to further improve the performance."

"Aktiv Kapital continues to invest in non-performing debt here in the Canadian market. We are pleased to have completed this transaction with a respected member of the Canadian financial community. It proves the debt sales market is returning to pre-recession conditions and bodes well for 2011," says Rod Hooktwith, Country Manager, Aktiv Kapital Canada.

About Aktiv Kapital
Headquartered in Oslo, Norway. Aktiv Kapital has operations in eight countries, and is one of Europe's and Canada's largest investor of non-performing consumer credits. Aktiv Kapital had in 2009 an operating revenue of NOK 1,190 million. Within the Portfolio segment Aktiv Kapital had approximately 430,000 paying customers in 2009. Aktiv Kapital is listed on the Oslo Stock Exchange (AIK). For more information about Aktiv Kapital, please visit www.aktivkapital.com 

Contact Information

  • For further information, please contact:
    Erik Oyno
    President & CEO
    Aktiv Kapital
    Tel: +47 22 91 59 55
    Mobile: +47 90 13 12 03

    Scott Danielsen
    CFO
    Aktiv Kapital
    Tel: +47 22 91 59 54
    Mobile: +47 95 25 56 20

    Wayne Harlock
    VP Business Development
    Aktiv Kapital Canada
    Mobile: 519 200 2776