BBVA sells €270 million portfolio of non-performing loans
BBVA has completed the sale of a portfolio of unsecured non-performing loans valued at approximately €270 million. This transaction is expected to positively impact the bank's non-performing loan (NPL) ratio in Spain, which was 4.11 percent at the close of the first quarter of 2024.
BBVA has finalized an agreement to transfer a portfolio of unsecured non-performing loans, known as the 'Estoril Project,' with a gross value of approximately €270 million. This transaction aligns with BBVA's strategy for value creation and capital-optimized balance sheet management, and it will positively affect the bank's NPL ratio in Spain. The portfolio has been sold to AXACTOR.
In 2022, BBVA sold a similar portfolio in Spain, known as 'Neila,' with a gross value of approximately €730 million. In 2023, BBVA sold another NPL portfolio, named 'Nairobi,' with a gross value of close to €500 million.