AstroBank acquires QQuant Master Servicer Cyprus

Qualco Group and AstroBank announce the acquisition of QQuant Master Servicer Cyprus Limited (Company) by AstroBank.

According to a statement, the two sides have agreed that AstroBank, which owned 25.1% of the Company, will buy the remaining 74.9% of the share capital, which was owned by Qualco.

During the past two years, the Company’s collaboration with AstroBank contributed substantively towards better management of its non-performing loans, leading to a significant reduction in the NPE ratio while boosting AstroBank real estate sales.

Qualco Group plans to continue its activity in Cyprus and its collaboration with AstroBank through an agreement to manage part of the lender’s NPE portfolio.

With over 20 years’ experience, Qualco Group holds a leading position in the provision of technological solutions and services that cover the entire management life cycle of loan and credit receivables. With its base in Athens and significant presence in the UK and continental Europe, the Group serves more than 140 organisations in 35 countries, while part of its share capital is held by PIMCO, one of the biggest fund management companies globally. The Group’s companies currently employ more than 800 specialised staff.

AstroBank Public Company Limited is a dynamically developing Cypriot lender founded in 2008 and supervised by the Central Bank of Cyprus. With a network of 15 branches and offices across Cyprus, AstroBank is an established credit institution offering a complete range of innovative and technologically advanced products and services that meet the needs of its local and international clientele.