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Novo Banco Posts Losses of €270MM on Asset Sales
23 April 2019 – Richard D. K. Turner
Novo Banco lost 270 million euros on sales of bad loans and portfolios of real estate in 2018, as the bank’s efforts to clean up its balance sheet led to losses. Those losses stemmed from two operations, Nata (bad loans) and Viriato (real estate), which generated losses of 110.1 million and 159 million euros, respectively, for a total of 269.1 million euros, according to reporting by the Idealista and the Jornal de Negócios.
Nata comprised two distinct parts, one worth €550 million and another €1.2 billion euros. The Viriato project consisted of the sale of 9,000 properties to the U.S.-based fund Anchorage Capital.
Original Story: Idealista