Purchase of two debt packages from Getin Noble Bank S.A. with the nominal value of PLN 652 million. Innovative form of transaction in Poland!!!

Kredyt Inkaso S.A. purchased two debt packages with the nominal value of approximately PLN 652 million from Getin Noble Bank S.A. One of packages with the value of PLN 284 million was purchased in the form of subparticipation in the debt portfolio.

After the transaction, Kredyt Inkaso S.A. Capital Groups owns the portfolio with the value exceeding PLN 3.2 billion. Only in the financial year 2011/12, Kredyt Inkaso S.A. purchased receivables with the nominal value exceeding PLN 2.1 billion. The company's results after 3Q amount to PLN 15.93 million of the net profit with PLN 40.2 million of the income.

Volume of investments made by the Company this year is the reason for great satisfaction for us. We have planned to accomplish at the end of this financial year the value of the purchased portfolio at the level of PLN 2 billion, however, the supply of receivables on the market and our capacities to acquire financing allowed us to exceed this assumption by over PLN 1.2 billion, thanks to which, at present, Kredyt Inkaso S.A.Capital Group holds the portfolio with the nominal value exceeding PLN 3.2 billion. The transaction made with Getin Noble Bank S.A. proves that once again we are the pioneer of innovative solutions, which undoubtedly is noticed by our business partners - said Mr Artur Górnik, the President of the Management Board.

One of packages was purchased on subparticipation principle, as a result of which, formally the debt package remains the ownership of the bank, whereby cash flows from collected receivables as well as the risk connected with them are maintained by a subparticipant, i.e. Kredyt Inkaso S.A.. Such a form of non-performing debt portfolio securitization has been applied for the first time in Poland. Biedecki Law Firm was a legal advisor of Kredyt Inkaso S.A. Capital Group that assisted it in the securitization transaction and negotiations with the bank.

We are honored that we could advise Kredyt Inkaso S.A.Capital Group in this precedential transaction. The applied solution means acquiring economic strength of the debt without making changes in relations creditor - debtor, which could cause difficulties in the context of time and costs. Utilising a securitization fund, additionally enables our client to limit significantly the risk related to the possibility of the initiator's - bank's bankruptcy. In such a case, pursuant to provisions of the law, a receiver or a trustee is obliged to hand over proceeds obtained from the bank's debtors to the securitization fund. We believe that Kredyt Inkaso S.A. Capital Group has blazed a trail for the next such transactions on the Polish market - said Mr Ludomir Biedecki, partner in Biedecki Biedecki & Partnerzy Law Firm.