• Transaction / Assets
    NPL Portfolio
  • Seller
  • Buyer
  • € MM

BMN Sells €165M NPL Portfolio To Axactor

3 July 2017 – Expansión

Banco Mare Nostrum (BMN) is slimming down its portfolio of non-performing loans ahead of its integration with Bankia, so as to go into the merger in a more healthy position. In this vein, the entity chaired by Carlos Egea has sold a portfolio of non-performing loans with a nominal value of €165 million to the Norwegian debt management firm Axactor.

The portfolio, known as “Rigoletto & Valquiria”, comprises loans granted to individuals and small- and medium-sized companies backed by guarantees.

This operation is the culmination of a busy month (June) during which Axactor has completed three important acquisitions of non-performing portfolios (two from the Santander Group) with a combined nominal value of more than €600 million.

The Norwegian group is focusing its expansion strategy on Spain and does not rule out closing more operations of this kind later in the year.

Andrés López, Country Manager of Axactor in Spain has highlighted that the purchase of this portfolio “completes an excellent month of June and shows the great work being achieved by Axactor’s entire team in Spain”.

David Martín, also Country Manager of the firm in Spain, has highlighted that after weeks of hard work and effort, the goals have been achieved and “the targets have been exceeded”, whilst Endre Ranges, CEO of the company confirms that with this purchase the Axactor group shows the level of its commitment in Spain, a key investment hub within our expansion policy.

Listed on the Oslo stock exchange, Axactor began its pan-European expansion in Spain through the acquisition of ALD Abogados in December 2015 and Geslico in May 2016. Nowadays, the firm manages 925,000 files in Spain and debt amounting to more than €9,000 million. It has almost 500 employees and 9 regional offices around the country.

In the last year, Axactor has acquired portfolios of non-performing loans from several of the country’s financial institutions. In turn, its expansion through Europe’s most important financial markets has resulted in the acquisition of several companies specialising in debt management. In this way, during 2016 and the beginning of 2017, Axactor acquired the following companies: IKAS (Norway), CS Union (Italy), Altor (Germany), Profact (Sweden).

Original story: Expansión

Translation: Carmel Drake