CaixaBank has placed a portfolio of non-performing mortgages valued at 576 million euros up for sale. The bank has commissioned KPMG to lead to the sale of the project, called MoMa.
The Catalan bank already tried to offload the NPLs (over 90 days in arrears) before the Covid-19 crisis, within another portfolio known as Tackle, according to El Confidencial.
This is the first portfolio CaixaBank has put on the market since it took over Bankia. The merger increased the group’s stock of non-performing loans from €8.7 billion to €14.1 billion. The bank has doubtful assets valued at €18.4 billion on its balance sheet. CaixaBank must reduce this exposure before pandemic-related defaults begin to rise.
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