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Paragon acquires credit card debt from MBNA for £16.1m

The Paragon Group of Companies has acquired a portfolio of closed consumer credit card debt from MBNA Europe Bank for £16.1m.

The deal was announced on 3 September and has completed today.

This acquisition follows Idem’s previous acquisition of a portfolio of closed UK consumer credit card receivables from MBNA Europe Bank Limited announced on 19 December, 2011, for the consideration of £55.7m.

Paragon has also acquired £25,000 of unsecured loans, through its Idem Capital Securities subsidiary, from Royal Bank of Scotland.

Commenting on the acquisition, Paragon chief executive Nigel Terrington says: “This is the eighth transaction by Idem Capital and brings the total investment in the current financial year up to an expected £115.7m, resulting in the division becoming an increasingly large part of the Group’s activities.

“Idem Capital was the UK’s second largest buyer of consumer loan portfolios in 2011 and we continue to see attractive portfolio acquisition opportunities with the banking and financial sectors increasingly seeking to de-leverage their balance sheets.”


New firms face record wait for FSA approval

New financial services firms are having to wait over five months to be authorised by the FSA, more than three times as long as they had to wait before the financial crisis. A freedom of information request from law firm Reynolds Porter Chamberlain reveals firms are having to wait a record 22.9 weeks for authorisation, […]

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FSA demands overhaul at Barclays, reports

FSA chairman Lord Turner has demanded an overhaul at Barclays, after approving the appointment of new chief executive Antony Jenkins, Sky News reports. A letter is understood to have been sent to Barclays chairman-designate David Walker that warns of continued focus on Barclays. Sky News reports the regulator has told Barclays it wants the bank […]

e.surv signs up to paperless system

Surveyors at the LSL Property Services-owned e.surv have signed up to use Landmark Quest’s paperless Q-Mobile system. Q-Mobile works with a tablet device and gives surveyors access to electronic comparables and other supporting data when out on site. All of e.surv’s 365 surveyors are anticipated to be using Q-Mobile via tablet devices by early 2013. […]


Halifax launches 5.89% 7-year fix for FTBs

Halifax has launched a 5.89 per cent seven-year fixed rate mortgage up to 90 per cent loan-to-value that is available exclusively to first-time buyers.

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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