The Global Mid-Market Specialist
Alantra, an independent global investment banking and asset management firm, has advised Ibercaja, a Spanish leading bank based in Zaragoza, on the sale process of a €534Mn NPL Portfolio to Marathon, an asset management firm based in New York.
Ibercaja Banco is the eighth largest banking group in Spain. For more than 140 years, Ibercaja has remained committed to providing top quality financial services to individuals, institutions, freelancers and SMEs. The bank has 5,500 employees across more than 1,200 offices in Spain.
Through this operation, Ibercaja reduces its NPL balance of real estate and non-real estate companies by 40%, compared to the end of March 2019. In addition, the bank will decrease its NPA ratio by approximately 170 basis points, ending up at around 5% at the end of this first semester.
This Transaction allows Alantra to strengthen its position as Ibercaja’s main financial advisor, having advised the group in 8 transactions in the past recent years with a total NPA volume divested of c. €3.6Bn (including secured/unsecured NPLs and REOs portfolio sales).
Formed in 1998, Marathon Asset Management LP seeks attractive absolute returns through investments in the global credit and real estate-related markets. The asset management firm was one of the first in the crisis to buy non-strategic assets from banks in Spain, but it had reduced its activity in recent years. With this purchase, Marathon confirms its return to Spain.
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