Servdebt, the Portuguese asset management and recovery company, has mandated Alantra to sell its own portfolio of non-performing loans (NPL) totalling €1.35 billion, reports Jornal Económico in its weekly edition.

In Portugal alone, the value of the NPL portfolio totalled €870 million euros. In Spain, the Portuguese servicer has put a portfolio of €480 million up for sale.

The NPL – Non-Performing Loans portfolio for sale by the company led by Ana Esteves and Bruno Carneiro is essentially (but not exclusively) unsecured.

The operation, which has been baptised the ‘Solaris Project’, is ServDebt’s own portfolio.

This is a secondary market operation that will compete with other NPL portfolios of large banks.

The value of the bad debt portfolios on the market totalled €2.2 billion, including ServDebt’s portfolio.

The banks CGD, Crédito Agrícola, Novobanco, Santander Totta, BCP, Banco Montepio and Bankinter/Universo have various types of bad debt portfolios for sale, totalling 1.32 billion.

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