BBVA has completed the sale of a portfolio of secured non-performing loans (NPLs). The portfolio has a gross value of approximately €330 million. This is BBVA's second such sale in 2023.
BBVA has concluded an agreement to transfer unpaid mortgage loans (known as 'Project Artemis') with a gross value of approximately €330 million. The transaction, which is part of BBVA's strategy of value creation and capital-optimized balance sheet management, is to have a positive effect on the bank's NPL ratio in Spain.
The portfolio consists of mortgages sold in Spain, specifically in Andalusia, Madrid, Valencia and Catalonia.
In July 2023, BBVA sold an unsecured loan portfolio in Spain, with a gross value of approximately €500 million, under the name 'Nairobi.’ Previously, in 2022, BBVA sold another portfolio of such loans in Spain, with a gross value of approximately €730 million, under the name 'Neila'.