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BPI bank sells non-performing loans to US ‘asset manager’ for €123 million

Portuguese bank BPI has sold a bad debt portfolio worth €123 million to an asset manager in the United States of America, the bank announced on today. According to the institution, the sale was finalised “through a competitive process” and amounts to “a total gross value close to €123 million”. The portfolio involves 46,000 credit agreements and around 17,000 clients. The document states that the credit portfolio “was sold to funds of a US-based asset manager” and includes “positions with and without mortgage guarantees”. There was no detail given on the identity of the asset manager.