The Intrum Group is expanding in Greece with two new companies

of Leonida Stergiou

Intrum Hellas employs 1,300 people, creating an additional 400 new jobs through the Group’s companies, such as Intrum Investments, Intrum REO Solutions and Intrum Customer Service Athens.

Its presence and the creation of new jobs are further increasing as it expands its activities in Greece, according to data on the results of 2021 and recent corporate announcements of the Group through GEMI.

In particular, a new company has already been established and will be launched soon, which will offer B2B services, will be active in the management of receivables between companies. This is a space that has been developed for years abroad and operates in addition to traditional factoring.

The other company, Intrum Customer Service Athens, has already started operating. It is one of the three multilingual international offices, which together with the offices in Malaga and Bucharest serve 16 of the 24 European countries of the Group. Already, its office in Athens serves eight European countries.

According to the company, one of the reasons why Intrum invests and expands in Greece is that there is a large pool of talent in the local market, and this makes it an attractive destination for the development of its activities.

Results 2021

Regarding the data of the results of 2021 published in GEMI, Intrum Hellas AEDADP (loan management company) presents a total portfolio of loans under management of 25 billion euros with 1 million customers-borrowers, net operating income of 182 million euros against 165 million in 2020.

Operating income (EBITDA) amounted to 110.3 million euros, compared to 95.3 million in 2020, while pre-tax profits 51.4 million euros. Equity 392 million euros and its presence throughout Greece numbers 16 points.

The profitability of 2021 was affected by the increased depreciation costs due to the change of methodology from the fixed depreciation method to the declining value method that more accurately reflects the financial life of loan management contracts.

Intrum Hellas REO Solutions SA (real estate company), in 2021, completed the management of Piraeus Bank’s Galvin portfolio, which included properties with a book value of approximately 1 billion euros.

Also, the Company started the active management of real estate from REOCo (Real Estate Operating Company) – vehicles of 5 securitizations (Phoenix, Vega I, Vega II, Vega III, Sunrise I) participating in the “Hercules” project with the managed portfolios securities, as well as third-party portfolios.

As company executives have stated in recent presentations and conferences on NPEs in Greece, the strategic goal of Intrum Hellas REO Solutions is to provide the Greek market with complete solutions “One-Stop-Shop” of high standards, utilizing the resources and know-how of the Group. Intrum.

In this way, according to its executives, Intrum aims to contribute to the healthy development of the Greek economy, offering long-term sustainable solutions, with a development logic for the restructuring of large and medium-sized enterprises.

It proceeds with restructurings that do not require the exhaustion of the EBITDA for the repayment of the loans, but a part of them is utilized as working capital.

At the same time, it provides consulting services and guidance for inclusion in all available European and state subsidy and financing programs (NSRF, Recovery Fund, etc.) through a special help desk staffed with specialized staff and the use of special tools.