OSLO: Komplett Bank continues the cooperation with Axactor, and has entered into a new forward flow agreement for the sale of non-performing consumer loans in Norway.
The agreement has a duration of 12 months. According to the agreement, Axactor will service the loans for the initial 180 days after they are sent to collection and thereafter acquire 100% of the remaining balance.
The forward flow agreement will not have material impact on Komplett Bank’s loan loss provisions.
Komplett Bank is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts and online point-of-sales finance products to consumers. The target group is creditworthy customers with stable personal finances and no payment remarks.
Credit risk is managed largely by automated processes for credit assessment and underwriting. The bank has a diversified and balanced distribution model utilizing both public and proprietary channels. Operational efficiency and low cost are the foundation for Komplett Bank and is enabled by centralised operations, modern systems and digital set-up.