Pioneer Credit Inks Deal with Australia’s ‘Big Four’ Banks

Pioneer Credit (ASX: PNC) now has agreements in place with each of Australia’s “big four” banks, fulfilling a key objective of the Company’s long-term strategy to broaden its base of vendor partners.

Following the completion of our recent capital raising, Pioneer Credit announced that it has secured debt purchase agreements with one of Australia’s largest banks and an ASX listed finance company.

“With both these organisations being new vendor partners for Pioneer, we are pleased to see an ongoing expansion of the financial services businesses we are building relationships with,” said Managing Director Keith John said:.

John added that the new relationships will see Pioneer secure a significant parcel of credit card and leasing customer accounts that will fit well within its existing portfolios.

“This marks a major milestone for us as the first time Pioneer has acquired debt from this ‘big four’ bank, and the first time we have acquired portfolios from each of the ‘big
four’ within a year,” John added.

The agreements represent the culmination of a concerted effort by the Pioneer team in growing these new relationships.

“Rather than chasing growth for growth’s sake, we have continued to demonstrate a highly disciplined approach in reviewing opportunities while at the same time demonstrating the value of our distinctive approach to customer service,” he said. – BusinessNewsAsia.com

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