Standard & Poor’s raises Link Financial ranking to ‘STRONG’
London, 05 March 2012
Standard & Poor’s recently reviewed the companies ranking raising it to ’STRONG - Outlook Stable’ as a consumer finance special servicer in the U.K.
The STRONG ranking reflects S&P’s view of the following:
- Diversification of LINK’s servicing activities into back-up servicing and small commercial loans. LINK also has a healthy pipeline of new business
- Continued good collection levels on mature portfolios.
- Stable default rates on payment arrangements, which we view as a positive trend in the current economic climate.
- LINK’s continued investment in employee training.
- Full integration of the London and Caerphilly sites. This has resulted in cost savings by eliminating work duplication, enabling site-specificspecialization, and further process automation.
- Financial strength of LINK’s shareholders and financial partners.
- Experience of management and staff.
- Strong system capability, efficiency, and control.
- The servicer’s flexibility to board and manage different types of loans.
- LINK’s successful response to changing market conditions and situations.
- LINK’s established internal audit process with PricewaterhouseCoopers, which we consider to be robust and fully independent of LINK’s operations.
For further information, please contact:
Paul Burdell
LINK Financial 020 7793 2650
Notes to the Editors
LINK Financial Group
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to £5bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial £250 million partnership
London, 31 October 2008
LINK Financial (“LINK”), the leading European purchaser and servicer of performing and non-performing consumer receivables, today announces the formation of a £250 million partnership with one of the world’s largest pension funds based in Europe. The agreement initially covers a co-investment in a portfolio of UK distressed loans that has been acquired by LINK from a global consumer lender as part of a multi-year contract which commenced in September 2007.
As part of the agreement, the partners will each hold fifty percent of the assets and LINK will be the exclusive servicer through its proprietary platform that also includes a dedicated automotive team which is the largest of its kind in Europe. The structure which was created is the latest of several bespoke investment vehicles that LINK has launched with its financial partners.
Paul Burdell, CEO of LINK Financial Group, commented: “While our partner has requested anonymity, I am absolutely delighted to be in a position to welcome this world-class fund as a LINK partner. This joint venture is not the first transaction we have done with them, but both parties see it as the beginning of a longer-term agreement that combines our more than 10 years of distressed investing and servicing with their insight, strength and leadership. What it also defines is another milestone in the LINK strategy to partner with leading investors by providing them with transparent, simple to understand and innovative solutions in the investment, management and servicing of consumer receivables.”
For further information, please contact:
Paul Burdell
LINK Financial 020 7793 2650
Notes to the Editors
LINK Financial Group
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to £5bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial : Thesis Servicing
London, 10 October 2008
Immediate assumption of 450,000 student loan accounts
LINK Financial (“LINK”), the leading European purchaser and servicer of semi- and non-performing consumer receivables, has launched a new brand dedicated to the administration of student loans. The creation of Thesis Servicing is a response to the ever-growing demand for public and private sector higher education funding. Thesis Servicing is a purpose-built, proprietary operation designed to act as a centre of expertise for a wide range of student loan servicing activities in the UK and across Continental Europe.
Whilst LINK Financial has been involved in the student loans business in an administrative function since 2006, the launch of Thesis Servicing coincides with the assumption of full day-to-day operational responsibilities and the transfer of 450,000 customers. From October 2008, Thesis Servicing will administer a portfolio of student loans which was sold by the UK Government in 1998 – as part of the first student loan sale to the private sector – and is owned by Finance For Higher Education Limited (FFHE).
More information on the role of Thesis Servicing can be found on the following website: www.thesis-servicing.co.uk.
Paul Burdell, CEO of LINK Financial, commented: “The launch of Thesis Servicing adds to LINK’s capability to manage large portfolios of performing consumer accounts, however complex, which are in run-off and where investors need a reliable and efficient outsourced servicer. We believe that this proposition will become even more compelling as banks and consumer finance issuers review the performance of certain product lines and the associated internal costs of collecting them through to maturity.”
For further information, please contact:
Paul Burdell
LINK Financial 020 7793 2650
Notes to the Editors
Thesis Servicing: Thesis Servicing – one of LINK Financial’s trading brands – is dedicated to the servicing of student loans in the public and private sector in Europe, currently looking after 450,000 customers.
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to $8bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
Link Financial Dublin
Dublin, 9 July 2008
LINK Financial opens new Operational Site in Dublin
LINK Financial (“LINK”), the leading European purchaser and servicer of semi- and non-performing consumer receivables, today announces the opening of its latest operational centre. The new Dublin-based facility increases LINK’s total number of workstations to over 900 across 5 European countries and builds on its existing offices in London, Madrid, Rome, Cologne and Caerphilly (Wales). Coinciding with the launch of the new site, LINK has successfully completed a long-term portfolio acquisition in Ireland and is currently assessing further local investment opportunities.
Philippe Paillart, Chairman of LINK Financial, commented: “I am delighted that LINK is in a position to service both our global and local clients from Ireland. We have received a very enthusiastic response from our existing partners, and we are looking forward to helping local lenders achieve their strategic objectives in a constantly changing and challenging economic climate.”
Paillart added: “The opening of this latest site represents another milestone in the dynamic expansion of our business. It allows us to further strengthen our client proposition in Ireland, which is already the home of our Group headquarters, and to implement the same local customer services model that has proved so successful across Europe. Enlarging our footprint means that an ever-growing client base can share LINK’s best practice, unique expertise and long-term partnership approach.”
For further information, please contact:
Paul Burdell
LINK Financial 020 7793 2650
Notes to Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to $8bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial multi-year partnership
London, November 2007
LINK Financial Group (“LINK” or the “Company”), a leading European purchaser of distressed consumer receivables, today announced the completion of a long-term strategic partnership with one of the world’s largest automotive finance organizations. The agreement includes both a purchase and a servicing component and involves the outsourcing of a significant proportion of the vendor’s loss recovery unit. A transaction value of up to $125million makes it the leading partnership of its kind to have ever been concluded in Europe. As part of the agreement, LINK will provide a full range of servicing activities, including its in-house litigation team, the largest within the UK receivables management market.
Phillippe Paillart, Chairman of LINK Financial, commented: “This transaction is truly groundbreaking, with respect to both its size and its unique structure, combining traditional acquisition and servicing arrangements with innovative long-term profit sharing agreements. I am delighted that one of the world’s top multinationals has entrusted LINK with a project of this dimension and significance. This partnership will allow us to build on our reputation as the largest purchaser of automotive finance receivables in the UK and Europe, and will be another key pillar of our ambitious expansion plans. “
Paul Burdell, Chief Executive of LINK Financial, added: “This hybrid arrangement is a testimony to LINK’s ability to provide tailor-made receivables management solutions, which address our clients’ strategic priorities. Supporting our clients with our expertise will continue to be at the heart of what we do, both in the UK and across continental Europe”.
For further information, please contact:
Paul Burdell
LINK Financial 020 7793 2650
Notes to the Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to $8bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial German Management
23 May 2007
LINK Financial Group (“LINK” or the “Company”), a leading European receivables management company, today announces the appointments of Stephan Schuller (Managing Director of Unsecured), Dr Christine Reisinger (Managing Director of Secured) and Simon Coates (Head of Operations) to lead its senior management team in Germany. They will be based at LINK’s newly established offices in Cologne, and will lead the Company’s expansion into this new market.
Stephan Schuller will become Managing Director of the Unsecured Business. He was previously Head of Global Risk and Portfolio Management for EOS Solutions, a German debt purchasing business based in Hamburg, where he also developed its international business outside Germany. Prior to that he was Risk and Portfolio Manager at InFoScore Finance AG. Stephan has a Diploma Degree in Business and Finance from the University of Mannheim, Germany.
Dr Christine Reisinger will become Managing Director of the Secured Business. She was previously at Hudson Advisers GmbH (Lone Star Funds), based in Frankfurt, where she was Director, Asset Management, leading the Frankfurt Work Out Division. Christine has in-depth experience in the origination and administration of distressed real estate assets in Germany, having also held management positions prior to Hudson with other property investment groups (LHI Real Estate Management GmbH, METRO Real Estate Management GmbH and ECE Projektmanagement GmbH). Christine has a Degree in Real Estate Economics from the European Business School, and a PhD in Law from the University of Hamburg.
Simon Coates will become Head of Operations. He was previously Senior Asset Manager at Hudson Advisers in Frankfurt. In a career spanning 20 years in corporate and retail banking, Simon Coates has gathered extensive international experience having worked in South Africa, England, Jersey and Germany. During his time working for Standard Bank, Citibank, HBOS and BNP Paribas Simon was primarily focused on the areas of corporate finance and work out of NPL and distressed debt. Simon has a BSc in Economics and a Securities’ Institute diploma.
Phillippe Paillart, Chairman of LINK Financial, commented: “I am delighted that Stephan, Christine and Simon are joining LINK in Germany. They are valuable additions to our European management team and their respective skills and considerable combined experience will be of great benefit to us in building a profitable business in Europe’s largest economy”.
Ends
For further information, please contact:
Paul Burdell, Managing Director
LINK Financial 020 7793 2650
Notes to Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to €4bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial expands into Germany
16 May 2007
LINK Financial Group, the leading European receivables management company, today announces that it is to open an office in Cologne, Germany, in a move that will further extend its reach across mainland Europe.
LINK’s German operation will be its sixth European location, adding to its existing operating sites in London, Madrid, Rome, Caerphilly (Wales) and its group headquarters in Dublin. The Cologne office is expected to commence trading in September 2007, and will grow to employ 250 staff over the next three years.
A German presence will give access to a large potential market where LINK can invest in distressed consumer finance and mortgage receivables. The company will introduce the highly successful operating standards pioneered through its existing collections, litigation and customer service platforms, in a market where total lending to consumers is estimated at €1.4 trillion. The move will also enhance the company’s existing relationships with some of the largest issuers in the EU, who value the continuity and standards that LINK will also bring to their operations in Germany.
Phillippe Paillart, Chairman of LINK Financial, commented: “We are delighted to be expanding our business into Germany, in another significant step forward for our group as we continue to extend our reach across Europe. This move helps to consolidate our position as a European market leader, and is an important development in our ambitious plans for future growth.”
Ends
For further information, please contact:
Paul Burdell, Managing Director
LINK Financial 020 7793 2650
Notes to Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to €4bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial loans
12 December 2005
LINK Financial Group (“LINK” or the “Company”), a leading European receivables management company, today announced that it has completed the purchase of a portfolio of semi-performing and non-performing consumer receivables for £175 million. This transaction is the largest of its kind in the European consumer banking sector to date. The portfolio was purchased from one of the worlds largest lenders of consumer credits and both parties agreed not to disclose the identity of the seller.
The transaction includes the acquisition of a consumer debt servicing business in Caerphilly, Wales. This business has been established for 30 years with a highly skilled staff, experienced in managing non-performing consumer debt. 95 employees will transfer over to LINK (under TUPE) bringing the Company’s total headcount to over 300, with capacity to double this number in the foreseeable future. LINK has also received grant funding from the Welsh Assembly Government to encourage employee growth numbers which are forecasted to triple over the next three years, representing valuable support to LINK’s future expansion plans in the local Caerphilly area.
LINK’s specialist litigation team has also increased, as a result of the transaction, to over 55 individuals, the largest in the UK debt purchase sector.
Phillippe Paillart, Chairman of LINK Financial, commented: “This is an exciting transaction which represents a significant step forward for our business and our shareholders. We are extremely pleased to have concluded the largest deal of this type in Europe and look forward to completing further deals of this size and larger in future.
“We are delighted to be expanding our business to Wales and are especially grateful for the encouragement and support that we have received from the Welsh Assembly and the Welsh Development Agency. We see this as the first of many transactions where our clients are looking for us to create solutions for either greater efficiencies or value from takeovers and where they are looking to re-energise or re-organise their back office operations and procedures.”
Paillart further said: “We were chosen because the complexity and size of the transaction required a team of individuals that could not only deliver the financial benefits in the right time frame, but also offer a seamless transfer of both the business and staff in Caerphilly. In the last 8 months we have also successfully integrated the business into our other activities and it now provides an enlarged platform from which to expand not only our product offerings but our leading position within the UK and European markets.”
Ends
For further information, please contact:
Paul Burdell, Managing Director
LINK Financial 020 7793 2650
Notes to Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to £5bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.
LINK Financial: Chief Financial Officer
2 September 2005
LINK Financial, the leading European Debt Purchase and Receivables Management company, today announces the appointment of Sean Lowther as the new Group CFO.
Sean was previously CFO at AXA Sun Life where he led the reorganisation of the finance function to create a high calibre and effective business-partnering team. Previously he was CFO in various divisions of GE Capital in Europe and North America, latterly for the GE Consumer Finance businesses in the UK and Ireland. He will be joining LINK Financial on 5 September 2005.
Philippe Paillart, Chairman of LINK Financial, commented: “I am absolutely delighted that Sean is joining our team at LINK. His strong track record in the consumer businesses at GE and AXA will be of significant benefit to the Group. His experience will be invaluable as we develop and strengthen our management team and undertake larger and more complex transactions in the semi and non-performing consumer loans sector across Europe.”
Sean Lowther commented on his appointment: “I am very pleased to be joining LINK Financial. I have been impressed by their expertise and their ambitions and I am looking forward to working with the existing team to achieve further success.”
Sean Lowther has an MA in Mathematics from Jesus College, Cambridge and holds an ACA.
ENDS
For further information:
Paul Burdell, Managing Director 020 7793 2650
LINK Financial
Notes to Editors
LINK Financial
Link Financial Group is one of Europe’s leading purchasers and servicers of semi- and non-performing consumer receivables. The Company has acquired rights to $8bn+ of receivables, which represents more than 1.5 million individual customers. Link operates in over 20 countries and has servicing operations in the UK, Spain, Italy, Germany and Ireland. Link’s institutional shareholders include Lloyds Banking Group and Cheyne Capital Management.