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Three Candidates to Bid for Novo Banco’s Portfolio of NPLs
22 October 2018
The sale will be the largest operation ever in Portugal.
Novo Banco has already chosen the institutions that will be permitted to submit bids for the bank’s €1.75-billion portfolio of non-performing loans (NPLs).
Deutsche Bank, Cerberus Capital Management, one of the largest private investment banks in the United States, and the US-based KKR, a private equity group, were selected, according to Monday’s edition of the Jornal de Negócios, which cited Debtwire.
The three institutions were invited to submit a binding proposal for the purchase of the portfolio of NPLs, which the bank has dubbed Project Nata. The bids must be submitted by December.
The portfolio is divided into two parts. The first has 550 million euros worth on non-performing loans to 54 large companies. The second consists of €1.2 billion in risky loans to large companies and retail customers.
Novo Banco holds 8.7 billion euros worth of bad debts, 28.5% of the total.
Original Story: Dinheiro Vivo
Translation: Richard Turner