Novo Banco kicks-off the sale of a €1.75 bn NPL portfólio

Keeping its goal to reduce the weight of the defaulted credit in its balance, Novo Banco will carry out the sale of the largest Non-Performing Loans (NPL) portfolio ever in Portugal, according to Debtwire.
Valued at € 1.75 billion, the portfolio will be sold in two separate tranches. The smallest one comprises € 550 million of NPL granted to 54 companies, while the other is valued at € 1.2 billion, covering 62.000 companies and retail clients.
The bank led by António Ramalho has already begun sounding out the interest of potential investors, and the non-bidding offers are expected to be start coming in October, according to Debtwire. Alantra, KPMG and Morgan Stanley are the advisors of the Portuguese Bank.
Last June, the Novo Banco NPL ratio was 28.7%, a significant high figure but that is below the 32.1% recorded in June 2017.

Original Story: Dinheiro Vivo|Rui Barroso
Photo: Novo Banco
Translation and Edition: Prime Yield