Pioneer Credit Limited
(ASX:PNC) has announced it has extended its customer reach through the acquisition of two new portfolios.
The company will acquire a personal finance portfolio of 2000 customers from a new vendor partner and 6000 customers from an existing bank partner.
Managing Director Keith John has highlighted that loans in the new portfolio had prime credit quality characteristics at origination and will provide a ready new market for Pioneer’s planned financial product expansion.
The timing of the transactions will not have an impact on revenue for the current financial year but will underpin growth in 2017.
Pioneer Credit Limited reported a net profit of $3.32 million at 31 December 2015.
