National Bank of Canada Acquires U.S. Debt Purchaser Credigy

National Bank of Canada announced late last week that its subsidiary, National Bank Financial (NBF), has completed the purchase of a majority interest in Credigy Ltd., a privately held purchaser of and service-provider for distressed consumer receivables.

Credigy owns and manages portfolios focusing mainly on U.S.-based distressed consumer receivables, utilizing a unique web-based servicing and collection platform. Credigy will continue to emphasize the US market as it expands its portfolio acquisition and servicing activities.

The distressed consumer debt market is a distinct and growing asset class which is uncorrelated to NBF?s existing operations and at the same time offers an extension of NBF?S other asset trading activities.

Brett M. Samsky, Chief Executive Officer, and Steve Stewart, President, founded Credigy in 2001. They will continue to lead the firm and retain the remaining equity in the company.