30 July 2019
Following in the footsteps of Novo Banco and BPI, the Caixa Geral de Depósitos (CGD) announced that it was preparing to sell an €800-million portfolio of non-performing loans. The loans include debts in Portugal and abroad, with or without collateral.
Banks in Portugal have been reducing their exposure to bad debts under pressure by European regulatory authorities. CGD’s NPL ratio stood at 7.3% in June. All European banks must lower their exposure to below 5% in the coming years.
Original Story: Economia Online – Alberto Teixeira
Adaptation/Translation: Richard D. K. Turner