Strategic Partnership between Qualco Group and AstroBank
Through the acquisition of 74.9% of the Cypriot company
“Trusset Asset Management Limited”
The Qualco Group and AstroBank Public Company Limited (“AstroBank”), following their announcement on 3 January 2020, are pleased to announce the completion of the acquisition of 74.9% of the share capital of newly-established Trusset Asset Management Limited (“Company”), which from now on will be renamed QQuant Master Servicer Cyprus Limited, with AstroBank retaining 25.1% of the Company.
The Company, previously a 100% subsidiary of AstroBank, has acquired AstroBank’s asset and NPL management company (“Business”). As part of the acquisition and transfer of the Business, the newly-established Company has hired members of AstroBank’s staff, who up until now have been managing the specific portfolio, also acquiring the relevant technological infrastructure. This was done in line with the law on Maintaining and Ensuring the Rights of Employees during the Transfer of Businesses. At the same time, a nine-year contract has been signed with AstroBank to manage this portfolio, with the bank maintaining ownership of the loans and assets.
With over 20 years of experience, the Qualco Group holds a leading position in providing services and advanced technological solutions that cover all aspects of the credit and debt collections lifecycle.
With headquarters in Athens and offices in the United Kingdom, France and Cyprus, the Qualco Group serves over 70 organisations in more than 30 countries worldwide, while it has reached a strategic partnership with international investment management company PIMCO. Currently, the Qualco Group employs over 500 people and associates, who cover a wide range of specialised services.
The central pillar of the Group is QQuant Master Servicer (“Quant”), the leading independent loan and debt servicer in Greece, and was licensed by the Bank of Greece. It is the first Greek company to acquire an international “Servicer” certification by Fitch, with a “2-” rating, which is the second-highest rating on the agency’s scale. Quant’s services to banks and international investors support the entire range of operations as it comes to managing debt portfolios, using advanced technology and providing innovative, flexible and effective solutions to deal with NPEs in a fair and socially responsible manner.
AstroBank Public Company Limited is a licensed Credit Institution that was founded in 2008 and is under the supervision of the Central Bank of Cyprus. With a network of 16 branches and offices across Cyprus, AstroBank is well-established in the local market, offering a comprehensive package of innovative and technologically-advanced products and services that meet the needs of its local and international clientele.
AstroBank’s local knowledge and expertise combined with the significant international capabilities, best practices as well as advanced technology of the Qualco Group, are expected to make the newly-established company one of the most important players in the Cypriot market.
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