Novobanco has already sold the €289 million NPL portfolio it put up for sale in the last quarter of last year. Northwall Capital paid 30.5 million euros. The portfolio will be managed by Whitestar.
Novobanco’s ‘Pegasus’ portfolio of unsecured non-performing loans, i.e. loans in default without real guarantees, has been bought by the UK fund Northwall Capital. Following this acquisition, the management of the portfolio, dubbed ‘Project Pegasus’, was transferred to Whitestar, part of the Arrow Global group, according to our sources.

The ‘Pegasus’ NPL portfolio consisted of 64,000 debtors with an outstanding value of €289 million. Northwall Capital paid 30.5 million euros for the portfolio, according to Jornal Económico.

On 26 September, Novobanco announced to the market that it would start an organised process to sell a granular portfolio of non-performing loans, known as the ‘Pegasus project’, with the aim of signing the transfer contract by the end of the year.

Original Story: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation: Prime Yield