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Santander Sells €600-Million NPL Portfolio to Marathon

It’s Santander’s first sale of the kind since the outbreak of the pandemic. It is planning more.

The New York-based fund Marathon has acquired a portfolio of bad loans valued at 600 million euros from Banco Santander. According to El Confidencial, the fund is thought to have paid €100 million, 20% of the value of the loans.

The portfolio is mostly made up of loans to small companies, especially hotels. It includes debts such as the one which financed the construction of the Palacio de Congresos de Oviedo by Santiago Calatrava.

The bank’s default rate stands at 6.18%, well above that of the sector (4.5%). This high default rate is largely due to its acquisition of Banco Popular.

The transaction was advised by Deloitte, which helped to choose among the bids, including others by Fortress and Tilden.

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