Servicer Whitestar will be in charge of the management of the two non-performing loan (NPL) portfolios recently sold by Montepio Bank, totalling a gross value of €400 million.
As explained by Jornal Económico, Whitestar is a participant in both the joint-ventures that won the two recent tenders for the sale of NPL portfolios launched by the bank led by Carlos Tavares and Dulce Mota.
AXA Investment Managers was the winner of the tender launched for the sale of the “Brick” REO (Real Estate Owned) portfolio, comprising almost 1.000 properties with a gross nominal value of €100 million. Whitestar joined AXA in this operation as its Asset Management Service Provider.
Besides, the society 400 Capital Management, having Arrow/ Whitestar as servicer, won the portfolio “Atlas 2”, which had a gross nominal value of 300 million euros and almost 6.000 contracts, including secured and unsecured credit.
Original Story: Jornal Económico | Maria Teixeira Alves
Photo: Banco Montepio site
Translation & Edition:Prime Yield