Intesa books 66 mln euros impairment on Intrum venture [Reuters]
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Source: Reuters
Sweden's Intrum (INTRUM.ST) , opens new tab , 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. The resulting venture, dubbed Intrum Italy, was 51% owned by Intrum and 49% by Intesa. The impairment decision reflects the lower than expected amounts of bank loans turning sour that the debt collection industry is reckoning with , as well as higher interest rates which reduce the current value of future cash flows, a person close to the matter said. In terms of collections, Intrum Italy has been performing better than expected, the person added. Caught between higher debt costs
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