Target Loan Servicing has won a significant contract to service loans for Park Motor Finance, a wholly-owned subsidiary of Credit Suisse.
The loan portfolio contains approximately £80 million of motor loans for 20,000 customers. This new service contract will secure up to 50 jobs in Newport, South Wales.
Commenting on the announcement, James Snow, Chief Executive Officer for Target Loan Servicing said "Target Loan Servicing will secure up to 50 jobs from Park Motor Finance to complement our existing team to deliver this new service. It will operate from our modern operations centre near Newport."
"Efficient customer and loan servicing, and proactive risk and arrears management are key objectives for our clients. We offer a highly specialist service with an experienced team coupled with Target Group's market-leading loan management systems. This enables us to be very good at realising the value of loan portfolios for our clients" he added.
This announcement follows recent outsourcing contract wins for Target Loan Servicing for Picture secured loans and for Ecclesiastical Insurance to service its mortgage portfolio.
Target Group is a leading expert provider of services and software solutions to the consumer finance, commercial finance and general insurance markets. It employs approaching 300 staff and has offices across the UK and in Australia. Its headquarters are in Cardiff.