Banco Santander Sells Nonperforming Loan Portfolio to Marathon -Source
July 13 2021 - 4:50AM
Dow Jones News
By Carlos Lopez Perea
Banco Santander SA agreed last week to sell a nonperforming loan
portfolio to Marathon Asset Management LP as part of an effort to
repair its balance sheet, a person familiar with the transaction
said Tuesday.
The Spanish bank has disposed of 600 million euros ($712
million) of nonperforming loans, which the U.S.-based fund bought
for EUR100 million, the person said. This is the first time
Santander has offloaded default loans since the coronavirus
pandemic began.
The portfolio is largely made up of default loans from small-
and medium-sized companies, particularly hotel firms, according to
the person.
The news was first reported by Spanish newspaper El
Confidencial.
This story was translated in whole or in part from a
Spanish-language version initially published by EFE Dow Jones, a
partner of Dow Jones & Co.
Write to Carlos Lopez Perea at carlos.perea@dowjones.com
(END) Dow Jones Newswires
July 13, 2021 04:46 ET (08:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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