Alantra advises Abanca on the sale of a € 25M Portfolio of Sub-performing and Re-performing Unsecured Loans to an Investment Fund
Madrid – Alantra, a leading global investment bank and asset management firm, has advised ABANCA Corporación Bancaria, S.A. (“Abanca”), the seventh largest Spanish bank by volume of assets, on the sale of a Sub-performing and Re-performing Unsecured Loan Portfolio (the “Portfolio”) with a total principal balance of c. € 25M to a European Investment Fund. The transaction took place in Q3 2022.
The Portfolio is composed of a mix of Individuals (48%) and SMEs (52%). The sale structure used was a unique and innovative solution where Abanca maintains the servicing of performing loans, along with other mechanisms to avoid any reputational risks with the borrowers.
This transaction represents a unique process in the Spanish Unsecured Reperforming space (“RPL”), and a key milestone for Abanca in particular and for the Spanish RPL market in general. Alantra consolidates its position in a wide variety of Portfolio ticket ranges having also collaborated with Abanca in the sale of a parallel process named Project Ulla (Reperforming Mortgage Portfolio of c. € 95M) acquired by a different investor.
Joel Grau, Managing Partner & CEO of Alantra Credit Portfolio Advisory, commented: “This transaction is a key milestone for Alantra’s track record in the RPL space that adds up to the recent closing of Project Wolf [also RPL unsecured], but also for the Spanish Market with an uncommon asset class and financial structure that we are already introducing to other financial institutions.”
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