The financial institutions Santander, Sabadell and CaixaBank have resumed operations to sell portfolios of doubtful and unpaid loans for a combined value of 4.4 billion euros, or are holding negotiations to do so. The objective of these operations is to clean up their balance sheets as much as possible before the new wave of defaults caused by Covid arrives, according to data from Debtwire.
By volume, the portfolio containing refinanced and ‘sub-performing’ mortgages worth €2.1 billion that Banco Santander brought to the market before the outbreak of the Covid-19 crisis, in the form of Project Prometheus, stands out. After coming very close to signing an agreement with M&G, the entity chaired by Ana Botín has resumed negotiations to decide whether to continue with the sale in September.
Read the full article in Spanish.
