• Transaction / Assets
    Bankinter Sells NPL-Portfolio to Arrow Global
  • Seller
    Bankinter
  • Buyer
    Allow Global Limited
  • € MM
    66.4

Bankinter Sells Bad Debts in Portugal to Arrow Global Limited for 66.4 Million Euros

10 August 2018

Bankinter has reached an agreement with the British company Arrow Global Limited to sell a 66.-million-euro loan portfolio its bad debts in Portugal.

Bankinter has reached an agreement with the British company Arrow Global Limited to sell a 66.4-million-euro loan portfolio of bad debts in Portugal, the financial institution announced on Friday. The portfolio corresponds to non-performing loans with real guarantees and personal guarantees in the amount of 134.7 million euros and irrecoverable debts in the amount of 227.5 million euros, the bank explained in a statement sent to the Spanish National Securities Market Commission (CNMV).

Once the sale is completed, Bankinter’s ratio of NPLs in Portugal will decrease by around 250 basis points and that of the Bankinter group as a whole by 23 basis points.

The deal was reached, according to the bank, after a competitive bidding process. The Spanish group Bankinter has been operating in Portugal since 2016 when it bought part of Barclay’s operations and the commercial network in the country. It currently has 81 branches, around 800 employees and a market share of around 1%.

Original Story: Observador / Lusa

Translation: Richard Turner