NPL&REO News

BBVA sells a €500 million NPL portfolio

BBVA has announced the sale of a portfolio of unsecured non-performing loans (NPL). This portfolio has an approximate gross value of €500 million. The sale will have a positive impact on the bank’s NPL ratio in Spain.

BBVA reached an agreement to transfer a portfolio of unsecured unpaid loans (known as the ‘Nairobi Project’), with an approximate gross value of €500 million. This operation is part of BBVA’s strategy for value creation and balance sheet management with capital optimization. It will have a positive impact on the bank’s NPL ratio in Spain.

The sale of the portfolio has been divided into two segments. The first segment was sold to the KRUK group. The second has been transferred to a subsidiary of Cerberus Capital Management, L.P. (‘Cerberus’). GCBE, formerly Gescobro, will manage the portfolio for Cerberus.

Edition: Prime Yield
Original Story: BBVA Press

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