The Paragon Group of Companies plc (PAG.L) announced Thursday the acquisition of a portfolio of unsecured consumer loans from The Royal Bank of Scotland plc(RBS.L,RBS).
Nigel Terrington, Chief Executive of Paragon, said, "We are extremely pleased to announce a further loan portfolio acquisition through our investment division, Idem Capital. Our servicing division, Moorgate Loan Servicing, has managed this portfolio of loans for the last two years."
Paragon is paying 43.2 million pounds for the portfolio, and the acquisition is expected to be earnings accretive in the current financial year. The consideration is being financed from Paragon's cash reserves.
"This is the sixth portfolio acquired since mid-2009, of which four have been acquired in 2011, bringing the total investment to date to £89.5 million. We continue to see further attractive portfolio acquisition opportunities," Terrington added.
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