Novo Banco to Sell €100-Million Carter Project

28 October 2020After cancelling the sale of its €1.2-billion Nata 3 portfolio, Novo Banco is now preparing to sell smaller portfolios. The first, named after the renowned Kiwi rugby player, Dan Carter, will consist of €100 million of both collateralized and unsecured loan agreements.

The bank owned by the North American fund Lone Star is also considering the sale of another portfolio of non-performing loans (NPLs) by the end of the year, this time worth approximately €200 million. The bank will also name the second portfolio after another rugby player, following the example of BCP. The bank helmed by Miguel Maya is selling two portfolios totalling €750 million, named after the rugby players Webb and Ellis.

António Ramalho and Novo Banco had previously announced its intention to operate without the support of the Resolution Fund as of 2021.  is on the clock to reduce the toxic assets that are in the perimeter of the contingent capital agreement, taking into account the assumed objective of no longer having the support of the Resolution Fund as of next year.

Original Story: Economia Online – Alberto Teixeira

Translation/Summary: Richard D. Turner

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