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Debt Purchasing

Arcil to extend recovery agency service to banks

The Asset Reconstruction Company is planning to extend its recovery agency service to banks for corporate non-performing assets. In return, Arcil will earn fees from the banks for the recoveries made.
 
“Under the recovery agency service, the portfolio will remain in the bank’s balance sheet. But we will do the recovery for the banks. Banks will authorise us to do that,” said P Rudran, managing director & CEO, Arcil.
 
“The price banks were seeking and the price asset reconstruction companies were prepared to pay were not in tune with each other,” he said.
 
Arcil wants to extend this service as the basic issue has been the pricing of assets in last two years. According to Arcil, this is a win-win solution coming at a time when the corporate loan portfolios of banks are swelling due to NPAs, and will be particularly helpful in case where a deal cannot be concluded due to issues in pricing.
 

Pegasus ARC takes part possession of Breeze Hotels to recover loan

Chennai: Breeze Hotels in Chennai borrowed some amount from Indus Ind Bank and has not been servicing the loan. The bank sold bad loans to Pegasus Asset Reconstruction Com...

Thomas Cook sells Indian arm stake to Fairbridge Capital to reduce debt

Following an auction process Thomas Cook Group Plc announced that an agreement has been reached to sell its 77 per cent interest in Thomas Cook India (TCIL) to Fairbridge...

ARCs expecting growth in business

Asset reconstruction companies have faced a tough time in getting business in recent years due to bad loans written-off by banks. All is set to change as almost 3% of ban...

SBI likely to buy loans from banks in US and Europe

State Bank of India plans to buy loans from banks in the US and Europe to boost its overseas credit assets and profitability.
 
SBI has better access to dollar funding, whi...

ARCs struggling as business growth dries up

Banks had reported a rise in bad loans. But still there is no business coming in the way of Asset reconstruction companies (ARCs). Business is not picking up for two reas...

Finance ministry submits its recommendations on policy changes for ARCs

Recently, banks were not in favor of selling stressed asset to ARCs due to disagreements over asset pricing. Consequently, business volumes for ARCs started declining. At...

Kotak acquires non-performing portfolio of Barclay’s credit card business

Last month, Standard Chartered Bank bought the performing portfolio of Barclays' credit cards business in India. Now, Kotak Mahindra Bank has acquired the non-performing ...

Arcil’s president and COO quits

Neeta Mukerji, president and chief operating officer of country's largest asset reconstruction company, Arcil has recently put down her papers.

Her resignation comes after...
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