It corresponds to the bank’s unsecured financing in Portugal.

Abanca has gone to the market to sell a 75 million euro portfolio of non-performing loans (NPLs).

The loans are based in Portugal and are unsecured, according to Bloomberg, which reported the news. They correspond to loans granted by Abanca in Portugal, one of its target markets.

Last November the bank, controlled by the Venezuelan Juan Carlos Escotet, decided to buy the Portuguese EuroBic in order to expand its presence in Portugal. This acquisition multiplies Abanca’s number of customers by four and its business volume by three.

At the end of March 2024, the latest data available, Abanca’s balance sheet stood at 74,815 million euros. Its NPL ratio was 2.5%, equivalent to a total of 1,133 million euros. At the end of 2023, the coverage of doubtful assets reached 73.9%, i.e. 1,130 million euros, with provisions of 834 million euros.

Original Story: Expansión
Edition and translation: Prime Yield