Alantra advises Banco Santander México on the sale of a $423mn (MXN 7.3bn) SME NPL portfolio

Mar 2026

Portfolio Sale

Value $423mn (MXN 7.3bn)

Madrid / Mexico City – lantra has acted as financial advisor to Banco Santander México on the successful completion of Project Thunder, comprising the sale of a $423mn (MXN 7.3bn) SME non-performing loan (NPL) portfolio in Mexico. The transaction forms part of the bank’s ongoing balance sheet optimization strategy and represents one of the most significant SME portfolio disposals in the Mexican market in recent years.

The portfolio comprises approximately 2,400 unsecured non-performing loans originated to corporate and SME borrowers across Mexico. The assets represent a diversified pool of claims across multiple industries and are fully judicialized. The transaction was structured as a standalone portfolio sale involving the transfer of the full economic interest in the underlying receivables in accordance with applicable regulatory and contractual frameworks.

The process attracted strong interest from both local and international investors, with Alantra receiving multiple offers throughout the different stages of the transaction.

Joel Grau, Managing Partner, Chairman and CEO of FIG, said: “This transaction highlights the value of Alantra’s strong local presence in Mexico. Our on-the-ground knowledge was key to designing and executing a tailored process, identifying the right counterparties, and engaging both relevant local investors and selected international players. More broadly, it underscores Alantra’s ability to act as a trusted partner to financial institutions in portfolio sale transactions globally, delivering efficient and value-maximizing solutions.”

Recent mandates include advising BBVA Portugal on the sale of a secured NPL and REO portfolio, Alpha Bank on the transfer of a €450mn SME NPE portfolio to Waterwheel Capital Management, L.P., and Secure Trust Bank on the sale of its Consumer Vehicle Finance business to LCM Partners. These transactions highlight Alantra’s strong track record supporting financial institutions in balance sheet optimization initiatives.