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Transaction / Assets Lime ProjectSeller BPIBuyer LX Partners€ MM 300
BPI Sells Lime Project to Fund Managed by LX Partners for €300 Million
2 February 2021
BPI finalised the sale last week of the Lime Project portfolio of non-performing loans to LX Partners.
According to an official source at the bank, which is helmed by João Pedro Oliveira e Costa, “on 27.01.21, BPI finalised the sale of an unsecured portfolio of NPLs with a total gross value of approximately 300 million euros, corresponding to about 30,000 loan contracts, to funds managed by LX Investment Partners SARL.”
The sale follows other similar moves by the bank, as BPI has joined a number of Portuguese financial institutions in trying to speed up the sale of the bad debts on their balance sheets before new ones begin to accumulate due to the pandemic. The banks’ efforts are intended to help mitigate the impact of the expected increase in non-performing loans after governmental measures soften the blow of the Covid-19 crisis, such as the current moratorium on loan repayments, end.
Original Story: Jornal de Negócios – Ana Tavares
Translation: Richard Turner