Consultancy firm PwC Austria is partnering with the Silverton Group and 720° Restructuring & Advisory to establish a joint loan servicing platform targeting international investors and banks wishing to outsource their non-performing loan (NPL) and non-core loan commitments.
Under the Vienna-based partnership, PwC will bring up-to-date expertise in processes, compliance and data management, while Silverton and 720° will provide local expertise in restructuring and workout approaches to complex credit exposures.
The platform currently manages a property-secured NPL portfolio with a volume in the double-digit millions.
'For the first time, loan commitments in Eastern Europe can be managed across national boundaries and with consistently high quality,' said Bernhard Engel, partner and leader financial services at PwC Austria.
Jascha Hofferbert, managing partner of Silverton, added: 'The cooperation between PwC, 720° and Silverton offers banks and investors all the advantages of a global consulting firm as a central point of contact, together with our special expertise in credit servicing and our local presence in the countries concerned.'
The platform will provide cross-national customer service, including individual reporting and taking into account all the different compliance regulations in the various legislations.