Loan servicing company Pepper European Servicing expects to create 100 new jobs this year as its assets under management here exceeded €20 billion for the first time on the back of a number of new deals.
These deals included a €1.4 billion buy to let portfolio originated by Permanent TSB and the recent €1.1 billion portfolio of loans sold by KBC Bank Ireland to private equity firm CarVal.
The company employs over 500 people already here and services over 80,000 loans - across all asset classes.
It said that about 80% of the residential mandates it services are performing loans and estimates it currently services about 8% of the outstanding residential mortgages in the Irish market.
Meanwhile, Pepper European Servicing also today announced a major business transformation and investment programme through which it will become a global credit intelligence provider under a new brand - Pepper Advantage.
The business transformation programme will result in the integration of its European and Asian servicing businesses as it further expands into a number of fast-growing Asian markets.
The integrated Pepper Advantage business will have over $55 billion of assets under management, approximately 1,100 employees and and 570,000 end-user customers.
Pepper, which is 60% owned by KKR, was founded in 2000 as a financial services startup in Australia specialising in mortgage lending and loan servicing.
It now has operations in China, Greece, Japan, India, Indonesia, Ireland, Spain, Thailand and the UK.
"Pepper Advantage is uniquely positioned to benefit from two sources of structural market growth for its services", said Fraser Gemmell, CEO of Pepper Advantage.
"The rapid growth and economic dynamics across many Asian and emerging markets mean that growing numbers of middle-class consumers remain substantially underserved by financial institutions. This is creating opportunities for a new generation of challenger banks and fintech providers to develop products and services using our insights and experience," Mr Gemmell said.
"In more developed markets, the growth of non-traditional lenders is driving a need for deeper credit insights to support product innovation, customer acquisition strategies, and more advanced risk management capabilities. Our innovative, entrepreneurial, and client-driven culture makes us the ideal global partner," he added.
