Achmea sells Friends First Finance loan portfolio to CarVal Investors and Finance Ireland
Achmea sold the loan portfolio of Friends First Ireland to CarVal Investors and Finance Ireland an Irish financial service provider. The transaction was finalised today. No third party or regulatory approval of the transaction was needed.
Friends First Finance, the finance business of the Friends First Group, a 100% subsidiary of Dutch insurer Achmea, has since 2009, ceased all new lending activities and decided to find a new home for the loan portfolio which consists approximately of 11,000 contracts with an aggregated unpaid balance of EUR 240 million. Going forward Friends First Holding will focus on its core activity of life assurance through its 100% subsidiary Friends First Life Assurance Company.
CarVal Investors in conjunction with Finance Ireland acquired the Friends First Finance loan portfolio.