LISBON (Reuters) – Portugal’s three biggest lenders plan to jointly manage some of their bad loans in an effort to avoid further writedowns and restore struggling borrowers to health, a move agreed with the government and central bank, the deputy finance minister said.
State-owned Caixa Geral de Depositos as well as Novo Banco and Millennium bcp (BCP.LS) will form a private vehicle to manage loans that at least two of them have made to the same corporate borrowers, Ricardo Mourinho Felix told Reuters in an interview on Wednesday.
A Novo Banco spokesman confirmed on Thursday that the three banks had agreed to form a joint debt-management platform but gave no further details.
Millennium bcp and Caixa declined to comment.
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