Capita plc: Capita appointed as servicer to NAMA in Ireland
12 August 2013
Capita Asset Services officially appointed as servicer to the National Asset Management Agency (NAMA) in Ireland
Capita Asset Services, part of Capita plc, has been officially appointed by the National Asset Management Agency (`NAMA') in Ireland as primary and special loan servicer on the NAMA loans acquired under the NAMA Act 2009 and currently being managed on behalf of NAMA by the special liquidators, Irish Bank Resolution Corporation (`IBRC').
Under the contract, Capita will deliver primary servicing for NAMA loans with nominal balances of €41 billion. For €5.1 billion of this, Capita will also provide special servicing in the management of over 300 debtors under a framework from NAMA. The contract is worth approximately €80 million (around £ 69m) over 4 years and will commence on 12 August 2013. An additional 140 employees will be taken on by Capita as a result of the contract.
Commenting on the deal, Paul Pindar, Capita plc chief executive, said: "We are pleased to have been appointed to such an important mandate. The contract is an excellent strategic fit for Capita in that it fully complements our existing business in terms of services, clients and professional staff and we are pleased to welcome all new members of staff."
Capita has been acting as master servicer to NAMA since 2010 and it will continue in this role in addition to its new responsibilities. Capita has more than 800 employees in Ireland and in May 2013 it confirmed its aspiration to double that headcount over the next 3 years.
Capita Asset Services, which has offices in the UK, Ireland and Germany is Europe's largest independent third party commercial mortgage servicer, providing loan administration, facility agent, asset management and special servicing to the banking and securitisation markets. It currently manages over £30 billon of commercial real estate loans on behalf of international banks in Europe. It also specialises in loan default management.
For further information:
Tel: 020 7654 2306
Shona Nichols, Corporate Communications Director
Capita press office
Tel: 0207 654 2152 or 020 7654 2399 (out of hours)
Capita plc is the UK's leading provider of business process management and integrated professional support service solutions. With 52,500 people at more than 350 sites, including 70 business centres across the UK, Europe, India and South Africa, the Group uses its expertise, infrastructure and scale benefits to transform its clients' services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE 100 with 2012 revenue of £3.3 billion and profit before tax of £426 million. Further information on Capita plc can be found at: www.capita.co.uk.
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