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  "documentTitle": "Deleveraging Europe",
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      "text": "NPL stock growth expected to accelerate pace of transformation",
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      "text": "Factors that continue to shape the European loan servicing and debt collection industry are: new regulations; operating compliance; technological sophistication; cross-over service offerings; new market players (e.g. PE funds, hybrid investor-servicers); and mass customisation of recovery and asset liquidation.",
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      "text": "The sector transformation is giving rise to hybrid investor-servicers that combine the sophistication of private equity and hedge fund investors with state-of-the-art technology to meet the operational challenges of growth and regulatory compliance. A number of large servicing platforms were recently acquired by hybrid investor-servicers including: Piraeus Bank partnership with Intrum (AuM €28bn); Eurobank FPS acquisition by doValue (AuM €27bn); iQera acquisition of Italian servicer Sistema (AuM €10bn)",
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      "text": "Ongoing market consolidation of third party loan servicers resulted in specialised firms by geographies or asset type, enabling integrated solutions and expertise.",
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      "text": "Further consolidation is expected as new markets mature and competition increases. Currently, the majority of M&A activity is predominantly taking place in growth markets such as Italy and Greece.",
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      "text": "Consolidation in the loan servicing industry in 2019 and 2020 was driven by regulation, increased competition and the development of some European NPL markets.",
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      "kind": "quote",
      "text": "Banks NPE and NPE ratios will increase when moratoriums end. It could be necessary for Banks to sell consistent volumes of NPE, but this is expected to happen starting from 2022. Sophisticated servicing partnership will make a difference.",
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      "text": "We look for loan servicing partners that possess a sheer work-out experience and mindset. The COVID-19 will only increase their relevance. Such specialists appear too far and few between.",
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      "text": "Banks NPE and NPE ratios will increase when moratoriums end. It could be necessary for Banks to sell consistent volumes of NPE, but this is expected to happen starting from 2022. Sophisticated servicing partnership will make a difference. — Andrea Clamer, Head of Distressed Credit Investment and Servicing at Illimity, interview with Italo Informa Quotidiano Online",
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      "text": "Ongoing consolidation of European loan servicing market",
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