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Intrum AB (publ) (INTRUM.ST)
- PR Newswire
Intrum: Corporate cost-cutting at a four-year high despite growing economic optimism
Two in five (41%) businesses across Europe plan to cut costs in 2024, the highest level since 2021 according to the annual European Payment Report from Intrum, the credit management services provider which operates across 20 European markets.
- Reuters
Intesa books 66 million euros impairment on Intrum venture
Intesa Sanpaolo has booked an impairment on its joint venture with Sweden's Intrum, Europe's biggest debt collector, in a move that highlights the challenges facing the bad loan recovery industry. In its full year report, Intesa said it had reduced by 66 million euros ($71 million) the book value of its stake in the joint venture it struck with Intrum back in 2018. At the time, Intesa merged is loan collection business with the one Intrum owned in Italy in a deal that allowed the bank to shed a nominal 10.8 billion euros in bad debts.
- Reuters
Analysis-Europe's debt collectors face reckoning as bad loans vanish
Europe's debt collectors have gone from feast to famine amid a collapse in the number of bank loans turning sour. Companies that recover unpaid bank debts, and which thrived in the aftermath of the euro zone sovereign debt crisis, are rethinking their business models and examining tie-ups with rivals after COVID-19, an energy crisis and two-decade-high interest rates failed to unleash a new wave of loan defaults. Banks in Europe's south have largely completed the clean-ups that once fed the bad loan bonanza and pulled in overseas investment firms such as Apollo, Cerberus, PIMCO, Elliott and Lone Star, while government support measures have helped keep companies and households on their feet.
