Santander sells 600 million NPL portfolio to Marathon

Banco Santander agreed to sell a nonperforming loan (NPL) portfolio to Marathon Asset Management LP as part of its strategy to clean its balance sheet, according to a news advanced in first-hand by the Spanish newspaper El Confidencial.

According to a source familiar to the transactions quoted by the newspaper, the Spanish bank has disposed of 600 million euros of NPL, which the U.S.-based fund bought for 100 million euros. This is the first time Santander has offloaded default loans since the coronavirus pandemic began.

This portfolio is largely made up of default loans from small and medium-sized companies, particularly hotel firms.

Original Story: Market Watch | Carlos Lopez Perea 
Photo: Photo by Jason Hochman from FreeImages
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