BBVA Sells €270 Million Non-Performing Loan Portfolio in Spain to AXACTOR

BBVA Sells €270 Million Non-Performing Loan Portfolio in Spain to AXACTOR

(IN BRIEF) BBVA has completed the sale of the ‘Estoril Project,’ a portfolio of unsecured non-performing loans totaling €270 million, to AXACTOR. This transaction is part of BBVA’s strategy to optimize its balance sheet and improve its non-performing loan ratio in Spain, which was 4.11 percent as of Q1 2024. Previously, BBVA had sold similar portfolios named ‘Neila’ in 2022 (€730 million) and ‘Nairobi’ in 2023 (close to €500 million).

(PRESS RELEASE) BILBAO, 22-Jun-2024 — /EuropaWire/ — BBVA has successfully concluded the sale of its ‘Estoril Project,’ a portfolio of unsecured non-performing loans valued at around €270 million. This strategic move is part of BBVA’s ongoing efforts to optimize its balance sheet and enhance value creation. The transaction, finalized with AXACTOR, is expected to have a positive impact on BBVA’s non-performing loan (NPL) ratio in Spain, which stood at 4.11 percent as of the first quarter of 2024.

This sale follows BBVA’s previous divestments of non-performing loan portfolios in Spain, including the ‘Neila’ portfolio in 2022 valued at approximately €730 million, and the ‘Nairobi’ portfolio in 2023 with a gross value close to €500 million. These actions reflect BBVA’s commitment to managing its assets efficiently while strengthening its financial position in the market.

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SOURCE: BBVA