Financial services company, Pioneer Credit Ltd
(ASX:PNC) has made an overseas transaction which will extend its business beyond Australia.
The company has acquired a significant new Purchased Debt Portfolio in New Zealand from one of Australia’s “Big 4” Banks.
Pioneer says there are operational synergies in this acquisition in that the NZ Debt Porfolio will be serviced using its existing Australian workforce and resources. Pioneer says, as a result, it will not require additional investment into new geographic centres.
Pioneer also says this deal, in combination with several other smaller deals, means it now has reached 100% of its forecast $50 million investment for FY17 under contract.
Pioneer Credit posted a net profit of $9.5 million at 30 June 2016.
