EOS receives BaFin authorisation to provide credit services
Hamburg, August 7, 2024
The German Federal Financial Supervisory Authority (BaFin) has granted EOS a licence to provide credit services within the meaning of the Secondary Credit Market Act. The receivables management expert thus meets the strict requirements of the new law, which has been in force since 30 December 2023. As one of the largest buyers of non-performing loan portfolios (NPL) in Europe, the EOS Group thus remains a reliable partner for German banks.
"The authorisation granted by BaFin is a great success for us," says Jörg Schweda, Managing Director of EOS Deutscher Inkasso-Dienst. "It confirms the high quality with which our employees process bank receivables on a daily basis."
New Regulatory Management division ensures competitiveness
In order to continue processing claims from the banking sector in the future, debt collection companies in Germany require permission from BaFin. "To meet the requirements, we are becoming even more professional in terms of regulatory compliance and have been able to recruit Dr. Nicole Wechsung, an absolute expert in the industry," says Jörg Schweda. Since June 1, 2024, Wechsung has been heading the newly created Regulatory Management department at EOS Deutscher Inkasso-Dienst, which is responsible for compliance with all legal requirements. The 43-year-old has many years of experience in the debt collection industry and was most recently Managing Director at Universum Inkasso.
Law facilitates the sale of non-performing loans (NPL)
With the Secondary Credit Market Act, Germany has implemented an EU directive that aims to create standardised regulations for credit service providers in the European Union. The aim is to facilitate the sale of non-performing loans while ensuring a high level of protection for borrowers. In addition, the high levels of NPLs on bank balance sheets in the EU are to be reduced in order to ensure the stability of the financial system.
Too many non-performing loans on bank balance sheets can destabilize economies. By selling receivables to service providers such as EOS, companies can relieve the pressure on their balance sheets, focus on their core business and improve their rating.
About EOS Group
The EOS Group is a leading technology-driven investor in receivables portfolios and an expert in the processing of outstanding receivables. With over 50 years of experience and offices in more than 20 countries, EOS offers smart services for receivables management worldwide. Its key target sectors are banking, real estate, telecommunications, utilities, and e-commerce. EOS employs more than 6,000 people and is part of Otto Group. For more information on the EOS Group, please go to: https://eos-solutions.com/
Contact for press and media:
Marc Heuer, Corporate Communications & Marketing EOS Germany
Email: [email protected]