BBVA SA is working to sell a portfolio of approximately €380 million in non-performing loans as part of its efforts to clean up its balance sheet.

The Spanish lender has already begun talks with potential investors regarding the portfolio, which includes loans linked to around 3,900 properties across Spain, according to a sales document reviewed by Bloomberg News.

KPMG is acting as adviser on the sale, which has been dubbed Project Terral.

According to the document, BBVA has asked interested investors to submit non-binding bids by the end of January.

The bank expects to receive binding offers by mid-March, with the final signing of the deal anticipated to take place in April.

Original Story: Investing.com
Translation and edition: Prime Yield
Image by moerschy from Pixabay