27 July 2019 – Richard D. K. Turner
Banco Montepio announced that it had sold a portfolio of non-performing loans with a total gross value of 321 million euros to Panorama Jubilante S.A. João Bugalho, the CEO of Whitestar, which is in turn owned by the Arrow Global Group, manages Panorama.
While the gross value of the portfolio is 321 million euros, encompassing approximately 13,000 loans, the two firms declined to reveal its purchase price or its net value after impairments. Therefore, the effect of the sale on Banco Montepio’s books is also not known.
In March, Banco Montepio’s exposure to non-performing assets accounted for 14.3% of its total portfolio, the second-highest in Portugal’s banking sector. Seeking to reduce its exposure, Banco Montepio had sold another €239-million portfolio of non-performing loans at the end of last year.
Original Story: Jornal Expresso – Diogo Cavaleiro