logo

Distressed Asset Investments

Sector: Residential • Location: Russia

Source: European Bank for Reconstruction and Development (EBRD)

Project
Complete

Translated version of this PSD: Russian The EBRD is considering co-investing with EE-DF AG in a new company to be incorporated in Switzerland (the “Investee Company”) with the sole objective of acquiring non-performing retail loans (“NPLs”) from Russian financial institutions. The project will mobilise external funding to remove NPLs from bank balance sheets and contribute to the development of an

Project Information FAQ

Project Information

4 Q
The project “Distressed Asset Investments” is an infrastructure initiative in the Residential sector, located in Russia. Taiyo aggregates data on it from European Bank for Reconstruction and Development (EBRD).

Want to explore the full details? View the full report

Participants

Sponsoring Agency

Obfuscated Data

Company

Obfuscated Data

Status

Original status

complete

Taiyo status

Obfuscated Data

Taiyo last update

00-00-0000

Available timestamps

00-00-0000

Available timestamp type

Obfuscated Data

Contact

Contact name

Obfuscated Data

Phone

0000000000

Email

ObfuscatedData@email.com

Address

Obfuscated Data, Obfuscated data, obfuscated data, Obfuscated data

Description

Description

Translated version of this PSD: Russian The EBRD is considering co-investing with EE-DF AG in a new company to be incorporated in Switzerland (the “Investee Company”) with the sole objective of acquiring non-performing retail loans (“NPLs”) from Russian financial institutions. The project will mobilise external funding to remove NPLs from bank balance sheets and contribute to the development of an active market for the pricing and transfer of NPLs in Russia. The project will also foster the development of a sound and ethical servicing industry in Russia by building servicing capacity that promotes best international practices. The Investee Company will be incorporated in Switzerland in conjunction with EE-DF AG of Switzerland (the “Investment Partner”), an existing joint venture company of Intrum Justitia, East Capital Explorer and East Capital Financials Fund. Intrum Justitia is Europe’s leading credit management services company with around 3,200 employees, present in 22 European markets and listed on NASDAQ OMX Stockholm Mid Cap. East Capital is an independent asset manager with approximately EUR 4.6 billion under management and specialising in Russian and Central and Eastern European investments. East Capital Financials Fund and East Capital Explorer are managed by East Capital. Up to RUB 800 million in equity and shareholder loans to the Investee Company. RUB 2,670 million in total including co-financing from EBRD’s Investment Partner. Categorised FI (2008). Servicers and Investment Partners will be required to comply with PR2 and 9. The main environmental and social risks lie in the debt collection processes followed by the servicers. The management teams of the three selected debt servicers, Morgan & Stout, Pristav and FASP, are very well aware of these risks. The three servicers are among the leaders in Russia and are reportedly dedicated to implementing non-abusive collection methods. They are either active members or founders of NAPCA (the National Association of Professional Collection Agencies in Russia). The servicers and their sub-contracted agencies will need to agree to develop and implement a code of conduct in line with NAPCA's Code of Ethics, develop and implement, if not already done so, a grievance mechanism or customer complaints mechanism for use by debtors and develop and implement a mechanism for monitoring collectors’ conduct and develop and implement a system for the protection of lone collection workers. The Bank will monitor both the development of acceptable procedures and the implementation of those procedures over the life of the project. None. Mr. Gijsbert Wassink, Intrum Justitia Debt Finance AG, g.wassink@ch.intrum.com Ms. Hanna Loikkanen, East Capital International AB, hanna.loikkanen@eastcapital.com

Original sub-sector

Obfuscated

Original Currency

USD

Original budget

000000000000000

Procurement method

Obfuscated Data

Budget

000000000000000

Location

Region

Obfuscated

Country

Obfuscated

State

Obfuscated Data

County

Obfuscated

Location

Obfuscated Data, Obfuscated data, obfuscated data, Obfuscated data

Source

Source reliability

High

Data quality score

100%

Source

Obfuscated Data

URL

obfuscated_data,obfuscateddata.com

More Details

Project Type

Obfuscated Data

Article Published Date

Obfuscated Data