BBVA sells a portfolio of unsecured NPL of 500 million euros

BBVA has signed the sale of a portfolio of unsecured loans – non paying and failed – (or ‘unsecured non performing loans’).

This portfolio has an approximate gross value of 500 million euros. This sale will have a positive effect on the bank’s default rate in Spain. BBVA has closed an agreement to transfer a portfolio of unpaid loans without collateral (known as ‘Nairobi Project‘), with an approximate gross value of 500 million euros. This operation is part of BBVA’s value creation and balance sheet management strategy with capital optimization and will have a positive effect on the entity’s default rate in Spain. The sale of the portfolio has been divided into two segments. The first of them has been sold to the KRUK group. The second has been transferred to a subsidiary of Cerberus Capital Management, L.P. (‘Cerberus’). GCBE, formerly Gescobro, will manage the portfolio for Cerberus.

In 2022, BBVA sold another portfolio of this type of loans in Spain, with a gross value of approximately 730 million euros, under the name ‘Neila‘.

Roberto Sergio

Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.

Credit Village is a leading company in the field of specialized publishing and event organization for the credit management industry and in all issues and aspects related to the NPE market, including ESG , M&A, Real Estate etc. Credit Village has been the first company in Italy to bring the culture of the credit management industry to the press, events and online, creating the largest community in the sector around itself.