SEB AG in Germany sells its retail debt collection subsidiary Union Inkasso GmbH to the Hoist Group. In addition to the debt collection platform, Hoist acquires SEB AG's non-performing retail claim portfolio, currently administered by Union Inkasso. Furthermore, Hoist and SEB AG establish a co-operation in non-performing retail debt collection.
Founded in 1985, Union Inkasso pursues debt collection activities in Germany relating to unsecured and secured non-performing retail claims. The company has 85 employees and currently services approximately 90 000 claims. The transaction will be closed in 2007 and will have a marginally positive effect on SEB's result in the first quarter.