The sale process of Novo Banco’s “Projeto Nata 2”, a NPL portfolio with a gross nominal value of €3.3 billion, is now underway. Being the largest portfolio to ever be sold in Portugal, this project is attracting the interest of very-well known investors as Bain Capital, Cerberus and KKR, which are competing to take these problematic assets.

«Nata2» sales process is still in the very early stage, and is being coordinated by Alantra, the advisor of Novo Banco on the bidding process. The bank is also being assisted by KPMG consultants. The goal is to close the deal by the end of the third quarter of 2019.

Project Nata II comprises about 1,000 credits granted to companies which have been in default, and that had been given by the bank in the former BES period. About 30% of these contracts are secured, while the rest is unsecured. Its sale will help the Portuguese bank to reduce the bank’s Non-Performing Exposure (NPE) ratio to 12% by the end of the year.

Original Story: ECO | Eco News
Photo: Novo Banco
Edition: Prime Yield