“Basically, we are favourable to this merger,” says Oddbjørn Berentsen, CEO of BRAbank. “It appears to be a wise move, given current market developments, and this is a good match. Modhi has considerable experience with portfolio purchases, while Kredinor has expertise in third-party debt collection.”
It appears to be a wise move, given current market developments, and this is a good match. Modhi has considerable experience with portfolio purchases, while Kredinor has expertise in third-party debt collection, says Oddbjørn Berentsen, CEO of BRAbank.
Christian Svendsen, Chief Risk Officer (CRO) of BRAbank, has worked closely with Kredinor from the start in 2016. He mentions Kredinor’s ability to develop customer-friendly solutions and believes they will continue to do so.
“For us, it is important to collect overdue receivables in a customer-friendly way, and Kredinor has expertise in devising good debt collection solutions that work. We have found that our cases are resolved in a manner that is acceptable for both us and our customers. At BRAbank, we have strict requirements for user-friendly processes with a high degree of automation, as well as good customer experiences throughout. As a partner, Kredinor is proactive and responds quickly to our ideas. If this continues and is even enhanced by a merger, then I view this as a positive thing,” says Svendsen.
Christian Svendsen, Chief Risk Officer of BRAbank, has a positive view of a merger, and he hopes that Kredinor’s ability to develop customer-friendly solutions will be maintained.
The Nordic region is important to BRAbank going forward, and after the merger, Kredinor may become more relevant outside Norway.
“So this is an important aspect: Norway has been our largest market so far, but we are now growing outside Norway. The merger with Modhi will give Kredinor even better opportunities to become a strong Nordic actor,” says Svendsen.
Annika Ramstedt, Chief Credit Risk Officer of Komplett Bank, also emphasises Nordic opportunities in her comments on the merger plan.
“Although we will be selling portfolios to a smaller actor, this is actually a positive thing. The ‘new’ Kredinor will be a strong and robust actor with enough power to manage the pitches. So I am interested in how a merged Kredinor will position itself in Sweden and Finland. We are very pleased that Kredinor will now be given a stronger Nordic position,” says Ramstedt.
Ramstedt emphasises that Komplett Bank enjoys good cooperation with Kredinor.
“Our cooperation with Kredinor is excellent. They have shown an exceptional ability to find good solutions and are very flexible. It will be essential to retain this type of flexibility in the merged company,” says Ramstedt.
We are very pleased that Kredinor will now be given a stronger Nordic position,” says Chief Credit Risk Officer Annika Ramstedt of Komplett Bank.
Merger of Kredinor and Modhi
Kredinor and SpareBank 1-owned Modhi have signed a letter of intent to merge and will thus become a leading company in debt collection and debt payment, with the Nordic region as their home market. At the same time, Kredinor is being reorganised from a business cooperative to a limited liability company, and a non-profit foundation is being formed to manage the ownership.
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