NPL&REO News

Goldman targets Spanish debt portfolios again: finalises purchase of €450m from Bankinter

The US bank has set its sights on the credit cards of Bankinter, which has put a portfolio of loans worth €450 million up for sale.

Goldman Sachs has renewed its appetite for Spanish debt portfolios. A year after it completed the sale of all its real estate portfolios in our country, portfolios acquired during the great financial crisis, it has decided to make another move in Spain.

This time it is focusing on Bankinter’s credit cards, a company that has put up for sale a portfolio of loans worth €450 million.

According to Bloomberg, the US company is the favourite to acquire this portfolio, which consists of loans to 50,000 former credit card holders.

The decision by the bank, chaired by María Dolores Dancausa, to sell this portfolio is part of a general move by the sector to control the default rate, which has been a concern following the rise in interest rates.

Bankinter’s NPL ratio stood at 2.2% in the second quarter of this year, slightly above 2.1% in 2023, a ratio that will reach 2.5% for its Spanish business, below the 3.4% estimated by the Bank of Spain for the entire system in our country.

The process initiated by Bankinter is no exception, and several Spanish banks are already trying to get rid of billions of euros in view of the new interest rate scenario.

Original Story: El Confidencial | Author: Cotizalia
Edition and translation: Prime Yield

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