This week, BBVA sold two of its largest portfolios of written-off loans. Following the sale of “Project Juno”, the bank signed the transfer of a portfolio comprised of loans to small and medium sized enterprises (SMEs) with an approximate gross value of €2.1 billion.
BBVA signed an agreement to transfer a portfolio of written-off loans (named “Project Hera”) to Cabot and funds managed by CarVal Investors. The loans were to SMEs, with a gross value of approximately €2.1 billion.
On Wednesday, BBVA announced another sale of a portfolio of written-off loans (known as “Project Juno”). In this case, the portfolio consisted of loans to consumers with a gross value of €2.5 billion. The operation was BBVA’s largest sale of a portfolio of written-off loans so far.
Over the past two years, BBVA has carried out several operations involving the sale of loan portfolios - mostly loans to developers and mortgages. Among them, the sale announced in December 2018 stands out. It was a portfolio of loans (known as (“Ánfora”) with an approximate gross value of €1.2 billion, primarily consisting of mortgages (both doubtful and bad loans). In addition, in June 2018, the bank sold a portfolio of loans to developers with a gross value of €1 billion, called “Sintra”; and in July 2017 it sold another portfolio of loans to developers with a gross value of around €600 million, known as “Jaipur”.
In November 2017, BBVA announced the transfer of its real estate business in Spain to Cerberus Capital Management, L.P., an operation that was completed in October 2018.