Santander continues to reduce its exposure to non-performing assets. According to market sources, the bank has sold a EUR 90 million portfolio of secured non-performing loans (NPL) to KKR as part of the Project Rock transaction.

This is not the first time it has placed assets with the fund. In 2023, KKR acquired a portfolio of nearly €200 million of foreclosed real estate (REO) that the Cantabrian bank had put on the market in the so-called Frankel transaction.

The bank has remained in the market as one of the most active and recurrent operators in this type of sale, closing deals with investors such as Fortress, PRA Iberia, Cerberus and Axactor, among others.

In recent months, it has completed the sale of around EUR 330 million in unsecured loans and other secured financing operations in the Swing project; the sale to Fortress of the Churchill portfolio, with a gross nominal value of EUR 200 million; and the sale to Balbec Capital of the Newman portfolio, which in its case consisted of real estate assets, secured loans and a portfolio of unsecured loans from its subsidiary Santander Consumer Finance.

Original Story: El Economista Author: Eva Contreras
Edition and translation: Prime Yield