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Hoist Finance confirms talks with Bank of Greece over partnership

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(Credit: Christopher Furlong/Getty Images) ATHENS, GREECE - JULY 03: Oxi (No in Greek) stickers are stuck around the sign of the Bank of Greece as electioneering on the referendum continues on July 3, 2015 in Athens, Greece. The 'Yes' and 'No' supporters in Greece are set to hold major rallies in Athens today ahead of Sunday's referendum on an international bailout terms. Greek PM Urges A No Vote In Sunday's Referendum As Greek Economic Crisis Deepens
March 31
5:21 AM 2016

Hoist Finance Publ AB has confirmed that discussions on strategic partnership with Bank of Greece are going on. The partnership envisages enhancing portfolio management solutions and operational rationalization of resolved banks. The strategic partnership is expected to generate more opportunities in Greece economy through Hoist Finance. 

The Bank of Greece and Hoist Finance are in discussions to forge a strategic partnership. The transaction will have end-to-end portfolio management solutions in addition to full scale operational rationalization of resolved banks. This will further optimize proceeds at both the organizations. 

Reuters reports that the strategic partnership between Hoist Finance and Bank of Greece would generate new opportunities for both parties. Additional Greek market can be explored in the wake of strategic partnership with Hoist Finance. Bank of Greece, the central bank of the country that is headquartered in Athens, is facing a challenging economic situation. 

Information about the ongoing negotiations between Hoist Finance and Bank of Greece were pursuant to Swedish Securities Markets Act. Hoist Finance AB is the parent company that's listed on Nasdaq Stockholm Mid-Cap. Its subsidiary Hoist Kredit Ab is regulated credit market company. Swedish Financial Supervisory Authority supervises Hoist Kredit AB. 

Ekthimerini further adds that the transaction may not entail any material financial effect for Hoist Finance in the short term. But, the strategic partnership would open opportunities through Hoist Finance as additional Greek market presence will be available.

The Greek government is yet to resolve the debt resolving problem with creditors, who demand for more stringent norms to be imposed on Greek markets. Several sections of Greece's economy including farmers, independent professionals and workers are raising their voice against social security overhaul.

Hoist Finance will not make any press release or announcement about the ongoing discussions with Bank of Greece. Once any concrete and definitive agreement is reached, then only, Hoist Finance will officially announce the strategic deal with the Greek bank.

Hoist Finance along with a consortium of Qualco SA and PricewaterhouseCoopers Business Solutions SA are participating in discussions with Bank of Greece. Managing NPL portfolio of 16 Greek banks under liquidation are also part of the discussions, as reported by BusinessWire

Hoist Finance is a major debt restructuring services provider to global banks and financial institutions. It offers advanced solutions for acquisitions and management of non-performing unsecured consumer loans. It has 11 in-house collection centers across the Europe. Hoist Finance in Sweden offers internet-based savings deposit services through HoistSpar. It has about 85,000 active accounts. 

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