NPL&REO News

Bain Capital in the race for CGD’s NPLs

Bain Capital and other three funds are the leading candidates for acquiring two NPLs portfolios from Caixa Geral de Depósitos (CGD), according to economic newspaper Jornal Económico. The sale of this type of portfolios, which total about €1 billion, is a part of the public bank’s efforts to “clean” bad debt from its balance sheet. As ECO previously revealed, CGD is planning to sell two NPLs portfolios this year, aiming to continue reducing the “burden” that is still affecting the bank’s profitability. This information was revealed to investors and analysts during the bank’s conference call for the announcement of its 1st quarter results. According to the bank headed by Paulo Macedo, the sale processes are now in a very advanced stage, although no value was advanced for the disposals. José Brito, Member of the Board at CGD, stated that the two sales are not to be close at the same time.

Original Story: ECO
Photograph: CGD
Translation and Edition: Prime Yield

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