Novo Banco confirms the sale of a large NPL portfolio by the end of the year

Novo Banco  will complete the sale of a €1,75 billion NPL portfolio by the end of the year, said António Remalho, CEO of the Bank.

The bank has already “selected a short-list with three buyer consortia”. “We are now waiting for them to make their accuarte analysis of the portfolio in order to present their bids until the beggining of December. The operation aims to deconsolidate before the year ends, so all the effects should be produced by the end of the year”, said António Ramalho to Dinheiro Vivo, aside the conference Money Conference.

“It’s a very interesting operation as it is the largest one so far in the Portuguese market. It’s particularly important to Novo Banco and it is a crucial step in the Bank’s restructing”, he added.

Original Story: Dinheiro Vivo | Elisabete Tavares
Photo: Novo Banco
Edition and Translation: Prime Yield