Portugal: CGD sells €476M of non-performing loans

Page created: Wednesday, 12 July 2017 9:38 GMT


Lisbon, Jul. 11 (Lusa) – Bain Capital Credit said on Tuesday it has bought €476 million of non-performing and sub-performing loans (NPL) from Portuguese state-owned bank Caixa Geral de Depósitos (CGD).

Bain Capital said this purchase is the first the company has made in Portugal and the portfolio is composed mainly of bilateral real-estate loans taken out by small, medium and a few large companies.

The US company added that the collateral to guarantee the loans includes a huge range of assets such as residential development plans, some of which are in progress and other have been completed, along with some land.

“We are very enthusiastic about our entry into the Portuguese NPL market”, said the Bain Capital Credit general director for Europe Alon Avner.

“Following the acquisition of other similarly complex portfolios across Europe and the rest of the world, we believe this is the right time to expand into Portugal”, he added.