Intrum signs agreement to acquire Debt Managers portfolio from the Secure Trust Bank group
Credit management group Intrum UK has agreed to purchase the entire loan portfolio (the ‘Portfolio’) currently owned by Debt Managers (Services) Ltd (‘DMS’ or ‘Debt Managers’) , a subsidiary of Secure Trust Bank PLC (‘Secure Trust Bank’).
DMS is selling the Portfolio under plans to simplify Secure Trust Bank’s activities and focus on its specialised lending. Secure Trust Bank made the announcement to the London Stock Exchange on Friday 11th March.
The Portfolio comprises c.650,000 accounts. Intrum will acquire all rights to the loans and will service the Portfolio once migrated from DMS. Secure Trust Bank will also enter into a forward flow debt sale arrangement with Intrum.
Once migration is completed, all existing DMS staff members are expected to transfer to Intrum via the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE).
DMS and Intrum have been working together throughout the process to ensure a smooth transition. Customers will continue to receive exceptional customer service and outcomes suited to their circumstances pre and post completion.
“We are delighted that Secure Trust Bank sees Intrum as the right custodian for its DMS portfolio,” said Eddie Nott, Intrum’s Managing Director for the UK and Ireland. “DMS has provided an essential service in supporting customers through the pandemic and we look forward to continuing this work with our focus on ethical treatment and excellent customer service.”
The transaction is aligned to Intrum UK’s strategic objective of effective capital deployment alongside capital light arrears servicing, allowing financial institutions to leverage the platform sophistication and market-leading customer service credentials of the business.
For further information, please contact:
Heather Greig-Smith
Phone: + 44 (0) 7946 609928
E-mail: heather@hgsmedia.co.uk
