Paragon makes £55m portfolio swoop
Mortgage origination group Paragon, based in Solihull, has acquired a portfolio from MBNA Europe Bank for more than £55m.
Paragon bought a portfolio of closed UK consumer credit card receivables through its investment division Idem Capital.
The deal, which is being financed from Paragon's cash reserves, is worth £55.7m. Paragon said it expects the receivables to be earnings enhancing in the current financial year.
Nigel Terrington, chief executive of Paragon, said: "This is the seventh portfolio that has been acquired by Idem and brings the total investment to date to £145.2m.
"Portfolio acquisitions have become an increasingly important part of the group's activities and Paragon's track record of loan servicing, risk management and portfolio investments position it well to exploit similar opportunities as they arise in the future."
Paragon specialises in residential property investor relations.
