NPL&REO News

Santander sells more than €330 million in NPL to Fortress

Santander has once again entered into an agreement with the Fortress Investment Group to divest itself of non-performing assets (NPL). The bank has placed around €330 million of unsecured loans and other financing operations with collateral in the so-called Swing project, according to market sources. The bank declined to comment.

This is the second transaction it has closed with Fortress in just a few months. At the beginning of the year it awarded the Churchill portfolio, with a gross nominal value of €200 million, while transferring the Newman portfolio to Balbec Capital, which in turn comprises real estate assets, secured loans and a portfolio of unsecured loans from Santander Consumer Finance.

With the Swing transaction now closed, Santander has disposed of more than €2,500 million of non-performing loans in gross volume in just over a year. The Bank also reorganised its contracts and positions with various servicers.

Original Story: Cinco Dias |Author: Eva Contreras
Edition and translation: Prime Yield

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