National Bank Financial Acquires Credigy Ltd.
National Bank of Canada announced today that its subsidiary, National Bank Financial (NBF), has completed the purchase of a majority interest in Credigy Ltd., a privately held purchaser of and service-provider for distressed receivables.
Credigy owns and manages portfolios focusing mainly on US based distressed consumer receivables, utilizing a unique web-based servicing and collection platform. Credigy will continue to emphasize the US market as it expands its portfolio acquisition and servicing activities.
The distressed consumer debt market is a distinct and growing asset class which is uncorrelated to NBF’s existing operations and at the same time offers an extension of NBF’S other asset trading activities.
Brett M. Samsky, Chief Executive Officer, and Steve Stewart, President, founded Credigy in 2001. They will continue to lead the firm and retain the remaining equity in the company.
National Bank Financial Inc. received financial advice in this transaction from Putnam Lovell NBF Securities.
About National Bank of Canada
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has more than $110 billion in assets and, together with its subsidiaries, employs 16,955 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website atwww.nbc.ca.
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