In April 2019, Hoist Finance closed the acquisition of a portfolio of Unsecured NPLs from the Polish debt management and collection company GetBack, for a purchase price of approximately PLN 400 million (SEK 888 million). GetBack’s assets were being marketed for sale after the company had fallen into insolvency, following funding issues and a default on its bonds. This was a highly significant transaction, requiring strong collaboration across different areas of our business, and was completed under particularly challenging circumstances.
The sale process began in September 2018, with Hoist Finance selected as the preferred bidder in December 2018, immediately prior to the change to our risk weights. This change and the resulting reduction in our capital availability led to the requirement to reduce the transaction perimeter from the initial higher purchase volume. We were successful in maintaining our preferred bidder position despite this setback, and were able to conclude the purchase of the reduced perimeter.
This acquisition has increased our share of the Polish market from third position to second, supporting our strategy of increased operational efficiency and growth in a prioritised market. Furthermore, Hoist Finance Poland was leader on the market in terms of new investments in 2019.