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Novo Banco has started the sale process for the largest portfolio of non-performing loans ever released in Portugal.
Bain, Cerberus and KKR in the race for the €3.3 billion of bad debt as the US-owned bank continues to clear its balance sheet.
Novo Banco’s ‘Projeto Nata 2’ already has attracted several potential buyers for discounted debt with the sale due to close in the third quarter.
Under the strong criticism and doubts regarding the processes of selling these problematic assets inherited from BES, Novo Banco already has launched its sale of the largest bad credit portfolio ever sold in the domestic market.
The sale operation is being led by Alantra, a Spanish company that already has advised Novo Banco in similar transactions.
The portfolio is of 1,000 business bad debts with only 30% of these loans having some sort of collateral. The remaining debts have no assets backing them.
At this stage, the bank is receiving non-binding offers from investors by the end of this month. Interested parties have access to a file with detailed information about the portfolio.