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DDM enters Greece through a milestone transaction
DDM Holding AG (First North: DDM) announces that it enters Greece through a milestone transaction. The underlying portfolio consists of secured and unsecured retail and corporate receivables and has a nominal value of about EUR 1.3 billion. DDM’s investment commitment amounts to approximately EUR 50 million.
“This is another major positive step for DDM due to the transaction’s size, that we continue to expand our geographic footprint, and as we provide innovative solutions to enable selling banks to recapitalize. This is one of the first and largest transactions in the Greek non-performing loan ("NPL") market, and allows us to establish a first mover advantage in the country with the highest non-performing loan ratio in Europe. The Greek NPL volume is estimated to be greater than EUR 130 billion, and offers significant opportunities in the coming years. The transaction includes one of the very few servicing licenses in Greece, in which we also see great potential for future transactions. This is another confirmation of the scalability and flexibility of DDM’s business model”, says Gustav Hultgren, CEO of DDM.
Fredrik Olsson, CFO of DDM also said “We are very pleased with steps taken in 2017 and as we continue to deliver strong growth and create shareholder value. This transaction brings total investments year to date to above EUR 80 million, significantly ahead of guidance.”
This is information which DDM Holding AG is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08:50 a.m. CET on 4 July 2017.