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BBVA Promotes the Sale of Unnim’s Toxic Assets for €500 Million

The bank has launched Project Dakar to divest the last remaining unpaid loans that it inherited from the group of former savings banks (Manlleu, Sabadell and Terrassa), which it bought in 2012.

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The operation comprises a volume of assets for sale worth close to 500 million euros, according to El Confidencial, although that figure has not been confirmed by BBVA. The portfolio includes unpaid loans to Unnim’s clients along with other assets.

The sale of this portfolio is in the binding offer phase and so it may be closed before the end of the year, according to the newspaper, provided no unforeseen events arise. The loans are covered by public guarantees granted by the Deposit Guarantee Fund.

Read the full article in Spanish.

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