The entity has created the company Deva Capital as a vehicle to explore the purchase of damaged assets from financial institutions around the world, according to various financial sources consulted by the newspaper Expansión. Investment banking sources stress that Santander’s subsidiary in Brazil already acquires these types of assets from the banks through its real estate servicer.
This would represent a major step-change in the NPL market, which in recent years has attracted interest from opportunistic funds because of the returns it offers. Official sources at Santander declined to comment on the reports.
Translation/Summary: Carmel Drake