Harvey Project Sold for 52.3 Million Euros

December 28, 2021 – Ana Custódio

The portfolio had a gross value of 164.4 million euros.

The Securities Market Commission (CMVM) issued a statement yesterday confirming the sale of Project Harvey, a portfolio of non-performing loans, as well as the value of the operation, which had not been previously disclosed.

According to the statement, “Project Harvey is a single name portfolio of non-performing loans and related assets, with a gross book value of €164.4 million, as of September 2021. The sale price of the portfolio totalled €52.3 million.”

Novo Banco has completed the sale of the non-performing loan portfolio to Deva Capital Management Company and AGG Capital Management Limited, a subsidiary of the Arrow group. According to a recent article by Brainsre News Portugal, the bad debt portfolio included large debtors such as Grupo Lena and Alfredo Casimiro’s Urbanos and had an initial value of €640 million.

Novo Banco’s capital position and income statement. This sale represents a €162.6 million reduction in NPLs (non-performing loans). Together with the Orion Project, it is another important milestone for Novo Banco, furthering its strategy of reducing its NPL ratio.

Translation: Richard D K Turner

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