05/08/2014 – Expansión
Bank Sabadell has completed on Monday the sale of a portfolio of debts which were completed provided against amounting to 554 million euros to the international investor group Aiqon Capital for a price of 23,3 million euros.
The sale is part of a transaction referred to as Project Siroco, and in doing so it transfers the risk of these portfolios, the bank presided by Josep Oliu has announced in a statement.
The general director of Bank Sabadell, Miguel Montes, has pointed out that this transaction is “new evidence of the capacity of the bank to produce transactions which help to reduce the exposure of non-strategic assets.
Furthermore, the transaction, which forms part of the balance sheet transformation strategy, has been carried out by means of a competitive sales process which has generated significant investor demand and which positions the bank as one of the primary operators of this type of portfolio.
The transaction has been managed by the structured transactions team, which belongs to the Institutional Markets Management team of Bank Sabadell’s Asset Management area.
Original article: Expansión
Translation: Aura REE