The acquisition of Irish consumer credit card portfolio, which includes over 200,000 customer accounts with a balance of over €650m receivables, will extend Apollo’s European Consumer Credit Receivables Platform.
Apollo EPF managing partner David Abrams said that the transaction underscores Apollo’s ability to leverage its integrated platform in pursuit of the attractive investment opportunities arising out of the restructuring of the European financial services landscape.
"We are committed to enhancing and building our European credit businesses, including the acquisition of large portfolios of consumer receivables and performing and non-performing residential and commercial mortgages," Abrams added.
The accounts will be managed by the 250 person operating platform based in Carrick-on-Shannon, Ireland, which is also being acquired by Apollo EPF.
Apollo EPF had purchased Bank of America’s Spanish consumer credit card portfolio and operations in August 2011 and the recent acquisition will bring the credit card receivables and own consumer loan servicing platforms acquired in Ireland and Spain by Apollo EPF to over €1.3bn.
Over the past four years, Apollo EPF has been a significant investor in European non-performing and illiquid loan portfolios divested by financial institutions with 20 transactions completed consisting of more than €7bn of loans.
Terms of the transaction remain undisclosed, which is subject to regulatory approval and other customary closing conditions.
