Press release 24.04.2008
GFKL takes over Italian NPL specialist
- Acquisition of Locam S.p.A. and takeover of NPL portfolios
- Purchase and processing of both secured and unsecured NPL planned
GFKL Financial Services AG is taking over 100 percent of shares in the Italian company Locam S.p.A., which specializes in processing non-performing loans (NPL). The Rome-based company previously belonged to the American B.C. Recovery Partners LLP. Parallel to this, GFKL is also acquiring all NPL packages originally purchased by the shareholder in Italy since 2003.
Locam commenced operations on the Italian NPL market in April 2003. To date, its core business has been the processing of unsecured non-performing consumer loans. GFKL intends to expand Locam’s business model to include secured property loans, and to acquire NPL packages in Italy as both an investor and a co-investor. Moreover, plans are in place for the future expansion of Locam’s activities as a servicer for third parties as well.
Dr. Peter Jänsch, Chairman of the Executive Board of GFKL Financial Services AG, made the following statement about the takeover: "After Spain and Portugal, Italy is the third foreign NPL market on which the GFKL Group is active as an NPL specialist. In our view, the potential of the Italian market offers us attractive opportunities for growth. GFKL and Locam complement each other perfectly: GFKL with its 10 years of experience in the assessment, financing, takeover and processing of non-performing loans and its extensive expertise in the IT-supported organization of all corresponding work flows; Locam with its knowledge of the local Italian market gained over years. After entry, we want to continue developing our market presence by expanding the business model to include secured loans and servicing on behalf of third parties."
About GFKL Financial Services AG
GFKL is a fast-growing financial services provider focusing on leasing and collection services. The software and systems areas are the technological complements to this spectrum of services. GFKL is thus able to assist clients in financing investments, organizing processes and safeguarding liquidity during every phase of the business process. During the business year 2007, GFKL generated consolidated revenues of EUR 1.2 billion with around 2,600 employees. As of the balance sheet date 2007, the volume of NPL serviced in the GFKL Group amounted to EUR 11.3 billion. The rating agency Standard & Poor’s assesses GFKL Financial Services AG’s expertise in the management and processing of non-performing receivables as "Strong, Outlook Stable", the highest possible rating for servicers. This rating makes GFKL one of the three best-rated companies in Europe.
Press officer:Katrin SchwarzHead of Corporate Communications and Investor RelationsTel.: +49 (0)201/102-1192Fax: +49 (0)201/102-1102-462E-mail: katrin.schwarz@gfkl.comInternet: www.gfkl.com