Goldman Sachs Buys Stake in Russian Collection Agency

Published on:
8 December 2006 at 06:33 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00039681-goldman-sachs-buys-stake-in-russian-colle/

by Patrick Lunsford, CollectionIndustry.com

Goldman Sachs has bought an undisclosed stake in a Russian collection agency for an undisclosed sum, according to Reuters.

Goldman, the U.S. investment banking heavyweight, acquired a stake in Sequoia Credit Consolidation, headquartered in Moscow. The firm provides consumer and commercial collection services both in early and late stages. According to Reuters, Sequoia counts around 60 clients including banks, telecom providers and insurance companies. The firm has 10 offices and plans to open at least 5 more.

“Goldman Sachs has a vast experience of dealing with non-performing loans in both developed and emerging markets worldwide, cooperation with this partner opens totally new opportunities for Sequoia,” Sequoia Chairman Eugene Bernshtam said in a statement.