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Santander and Intrum Partner to Bid for €1.1 Billion in NPLs

The bank is bidding for the Italian bank Intesa Sanpaolo’s €1.1 billion portfolio through its Deva Capital platform.

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Deva Capital, the platform Banco Santander launched two years ago to manage and invest in non-performing assets, has joined forces with the Swedish fund Intrum to bid for a portfolio of non-performing loans with a gross value of €1.1 billion.

Thus, Deva Capital and Intrum are competing in the final phase against Bain Capital, Elliott Fund and Fortress, according to Expansión.

Banco Santander’s platform in the Intesa Sanpaolo deal comes on top of another acquisition already closed in Italy. According to the firm, Deva Capital acquired impaired loans from BPER Banca with a value of 248 million euros.

The assets are classified as unlikely to pay, i.e. there are doubts about the repayment of the debt without recourse to collateral. They are loans backed by real estate.

Read the full article in Spanish

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