Atlanta, GA (PRWEB) January 19, 2007
First Financial Asset Management (FFAM), headquartered in Atlanta, announced today that its subsidiary First Financial Portfolio Management (FFPM) has entered into the largest forward flow purchase contract, measured by capital invested, in the Company's history. This record contract was awarded by one of the world's largest bankcard issuers.
The portfolio of fresh charged-off credit card assets will have an aggregated value of approximately $1 billion U.S. dollars. These assets will be acquired under a forward flow transaction holding an initial term of 12 months, starting January 2007. Further terms of the deal could not be disclosed at this time.
This mutually advantageous deal is the result of a long-term relationship that has developed over the last four years between FFAM and this card issuer.
Acting in concert with the Company's partner-approach to strategic business initiatives, FFPM has created a joint venture with IDT Carmel, a subsidiary of IDT Capital for purposes of this forward flow transaction.
IDT is a worldwide leader in the telecommunications services industry and also owns companies within the energy sector and entertainment industries. Both FFPM and IDT foresee a very prosperous future as partners within the debt-buying marketplace.
"We are extremely pleased to be able to structure such a substantial portfolio purchase transaction with one of the worlds foremost banking institutions," stated Matthew Maloney, Senior Vice President of Asset Acquisitions and Business Development for FFAM." Maloney added, "our management is also very excited about the strategic business partnership that FFPM and IDT Carmel have formed, and truly believe that the strength of our partnership will add tremendous value to our respective companies and throughout the industry."
Maloney further added that this deal "will continue to open up opportunities, not only with this particular bank, but also with other institutions. The smooth process displayed by all parties proves that FFPM continues to be an excellent financial partner for banks and lending institutions across the U.S."
About First Financial Asset Management
First Financial Asset Management, Inc. (FFAM) and the First Financial Group of Companies are a U.S.-based accounts receivable management firm providing strategic outsourcing services and portfolio acquisition and sale services of distressed and non-performing credit intensive assets emanating from the risk management industry.