The Spanish subsidiary of the Dutch group has put for sale a NPL portfolio, having PwC as advisor. Named “Project Silex”, the portfolio has gross nominal value of €100 million.

Including consumer and SME credits, even though some of the loans have collaterals, most of them are unsecured NPL, according to sources close to the operation.

This one more unsecured NPL portfolio to be put for sale over the last few months.

International funds specialized in the market have entered in Spain over the last few years, attracted by the growing in consumer credit at a pace of 20%. The country’s National Bank has already warned that «the accelerated growth in consumer credit could lead to higher increases in non-performance». According to Spain’s Central Bank latest figures, the NPL ratio stood at 3.2% last year for credit of durable goods and at 7% in the case of credit for the acquisition of other goods and services.

Original Story: El Confidencial | Oscar Gimenez
Photo:ING Site
Edition and Translation:Prime Yield