By Andrei Skvarsky.
Debex, an international company running online auctions for delinquent debts, has launched trading in Spain with the debt portfolio of Spanish microlender Prestamer being its first sale.
Debex credits its trading with quickness, efficiency and convenience for clients. A buyer can get acquainted with a debt portfolio before it is put on sale and the auction itself will last about one hour, Debex said in a statement.
Debex España managing director Alejandro Puyol Lechuga said large volumes of delinquent debts are being sold in Spain but that online sales make up a relatively small proportion of them.
“By the end of the year we plan to hold eight to ten auctions,” he said.
“Now there is no need for debt sellers to … combine debts into large portfolios in order to reduce costs, or conduct negotiations that can take a long time. We were able to sell our portfolio at the very first auction,” said Prestamer lawyer Luna Rojo Casatejada.
Debex started out in Russia in 2019 and is getting ready for trading in Kazakhstan. It also plans its first trades in the United States for November.
According to the Spanish central bank, delinquent debts sold in Spain in 2019 had a total book value of 22bn euros. Debex estimates that, within the next few years, annual sales of debts in Spain will reach about 30bn euros in terms of book value and about 2bn euros in sale-price terms.
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