Czech APS Holding, Ukraine's Avistar launch pilot investment, toxic asset management project in Ukraine
APS Holding (Prague, the Czech Republic), a large provider of investment and recovery services in Central Europe, jointly with Avistar (Kyiv), which has been operating on the Ukrainian toxic assets market for over nine years, is launching a pilot project – Gefest Group, Avistar Managing Partner Yuri Kostrobiy said at a briefing on Thursday.
According to him, under the Gefest Group pilot project, it is planned to build a service and investment structure with the introduction of a modern IT system throughout the entire cycle of work with toxic debts based on EU standards. Building an efficient service mechanism, procedures for servicing and working with distress assets is the main task of the pilot project, Kostrobiy said.
Director of the Department for Consolidated Sale of Assets of the Deposit Guarantee Fund of Ukraine Taras Yeleiko said at the briefing that APS Holding's entry into the Ukrainian market is a landmark event for the Ukrainian non-performing loan (NPL) market.
"We are happy that such players as APS enter Ukraine who can move our market to the best global practices and make this movement irreversible," he said.
The Deposit Guarantee Fund is one of the key players in the NPL market, which manages assets totaling more than EUR 18 billion, which were received as a result of the bankruptcy of more than 90 banks in the period from 2014 to 2018.