Portuguese bank Caixa Económica Montepio Geral (“Montepio”) has just announced the sale completion of a non-performing loan (NPL) portfolio with a gross value of €321 million to Panorama Jubilante.
In a nota sent to CMVM, the Portuguese Securities Commission, the bank informs «that on 12 July 2019, and following a competitive sale process, a public deed was signed for the sale of a non-performing loans’ portfolio, in the form of a direct sale, to Panorama Jubilante S.A., a company incorporated under the Portuguese laws and established in Portugal».
According to the bank, the gross amount sold was 321 million euros, in a portfolio that included approximately 13.000 loans.
«The completion of this operation materializes Banco Montepio’s strategy for the continuous reduction of non-performing assets», says the bank in the same document.
Original Story: RTP
Photo: Banco Montepio site
Translation & Edition:Prime Yield