A Member Of The World Bank Group Both Parties Partnered In 2020 To Launcha 60 Million Distressed Asset Recovery Platform Program Darp 1 That Focuses On Acquisition And Resolution Assets Across Emerging Markets Through This News Today : Breaking News, Live Updates & Top Stories | Vimarsana
SINGAPORE, June 29, 2022 /PRNewswire/ Collectius, a leading restructuring partner for financial institutions in Asia, acquired its first portfolios in Vietnam since entering the market at the end of last year, securing more than US$800 million of non-performing loans (NPLs) from a Vietnam-based commercial bank. The deal, which includes a combination of credit cards and personal loans, represents the largest single acquisition made by Collectius to date, and signifies a growing need for debt restructuring solutions in the country as loan defaults become more common due to the impact of the pandemic. The NPLs were a joint acquisition by Collectius and IFC, a member of the World Bank Group. Both parties partnered in 2020 to launch a $60 million Distressed Asset Recovery Platform Program (DARP)[1] that focuses on the acquisition and resolution of distressed assets across emerging markets. Through this program, it helped many customers across the region meet their financial obligations an