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Hoist Finance divests UK unsecured operations
2022-04-13 07:00 GMT+02
Hoist Finance has entered into an agreement with Lowell to divest its UK credit management subsidiary including unsecured NPL portfolios. The enterprise value of the transaction is approx. SEK 4,500 million and represents 108 per cent of Hoist Finance's unsecured book value.
“The divestment of the UK unsecured operations is a result of our commitment to invest and operate where we can generate attractive risk-adjusted returns. Our UK unsecured business has generated low returns during many years. It involves substantial fixed and semi-fixed costs, and thus scale will be a prerequisite for long-term success. Our UK unsecured platform does not have sufficient size, and it will perform better as a part of Lowell’s larger operations. The sale provides Hoist Finance with the opportunity to grow and invest in portfolios where we can generate higher returns”, says Lars Wollung, CEO.
The transaction is earnings, capital and return on equity (RoE) accretive at closing. The net pre-tax transaction gain amounts to approx. SEK 140 million, the CET1 ratio is expected to increase by approx. 280 basis points, and RoE is improving by approx. 1 percentage point in 2022, other things being equal.
The book value of the sold unsecured portfolios was approx. SEK 4,150 million, representing approx. 19 per cent of the Group’s total portfolios in December 2021.
A portfolio of secured loans of SEK 340 million and group functions will remain operating as usual in the UK.
