25/02/2014 – Expansion
Yesterday the bank announced sealing a sale of three non-performing credit portfolios for €713 million but did not reveal the name of the purchaser. It is said, however, that each portfolio found a different buyer.
Bankia refused to made public information about capital gains/losses associated with the sale.
The transaction involves three groups. In the first one there are credits in insolvency proceedings for €449 million. The second and the third consist of SMEs´ and consumer credits (loans, credit accounts and a trade discount) valued at €258 million. “The sold porfolios include about 35.000 agreeements of outstanding credits, with or without a collateral, related to policies, loans, trade discount lines and credit cards.”
The sale is a part of Bankia´s divestment in non-productive and non-strategic assets for €50.000 million. By now, the bank has met 71% of that. (…).
Original article: Expansion
Translation: AURA REE