BCP sells NPL portfolio
Bank BCP has placed a portfolio of Non-Performing Loans (NPLs) on the market for €65 million according to the online news source ECO.
The bank, led by Miguel Maya, placed the portfolio, which includes unsecured loans, called ‘Project Light’ on the market in August,
This year has seen a marked fall in the amount of NPL transactions in the Portuguese market after national banks made a considerable effort to clean their balance books in recent years that has enabled them to reduce NPL levels to 3%.
Nevertheless, in the case of BCP, which hasn’t commented on the operation, it is part of its overall policy to reduce risks.
At the end of June, the bank sold its stake in the Enterprise Restructuring Fund (Fundo de Reestruturação Empresarial), a venture capital fund set up in 2012 and which manages exposures valued at around €70 million to the electric cable manufacturer Cable and exposure to the ceramics group Carlos Cardoso da Mota.
BCP and Novobanco have also sold their stake in the restructuring fund to its manager Oxy Capital for €4.3 million. Caixa Geral de Depósitos and Banco Montepio are to sell their position this month.
Other banks are also offloading NPLs. Santander Totta has sold three portfolios – Pool 58, 59 and 60 – with a total value of €130 million and include secured and unsecured loans.
BPI also sold a portfolio of secured and unsecured NPLs worth €130 million.