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Aiqon Acquires Three Credit Portfolios From Catalunya Banc

23/04/2014 – Expansion

Catalunya Banc progresses in its divestment sales. Yesterday the entity informed that it sold three credit portfolios to a Malasian fund, Aiqon Capital, that paid jointly €1.480 million for them. The transaction has been proclaimed the largest delinquent loan sale since the recession hit.

The bank had all the loans provisioned, therefore now they will turn into gains. According to sources with knowledge of the “Cava Project“, the purchaser could pay habitual 4% of the total portfolios´ value but finally it transferred 5%, by €60 million more.

The deal includes three portfolios: one containing loans given to individuals (€449.6 million worth) and two consisting of credits lent to companies: one with a lot for less than €1 million (€671.6 million worth) and the other with a package of loans for more than €1 million (€359.4 million).

Catalunya Banc is just closing the sale of CatalunyaCaixa, its servicing platform, to Blackstone for €40 million and its Telentrada to Ticketea.com.

Until now, the biggest magnitude sale was the one of Bankia that sold default credits valued at €1.354 million to Lindorff and Elliot in 2013. In fact, nowadays this sort of asset gains popularity in Spain, especially among foreign investors.

Last year, Aiqon Capital bought another portfolio from Santander.



Original article: Expansión (by S.S. & J.Z.)

Translation: AURA REE