Banco Santander Sells Problem Loan Portfolio to Marathon -Source

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Carlos Lopez Perea

Banco Santander SA last week agreed to sell its NPL portfolio to Marathon Asset Management LP as part of an effort to fix its balance sheet, a person familiar with the deal said Tuesday.

The Spanish bank got rid of 600 million euros ($ 712 million) of non-performing loans, which the fund in the United States bought for 100 million euros, the source said. Santander has paid off outstanding loans for the first time since the coronavirus pandemic began.

According to this person, the portfolio mainly consists of outstanding loans from small and medium-sized companies, especially from hotel companies.

This was first reported by the Spanish newspaper El Confidencial.

This story has been translated in whole or in part from the Spanish version originally published by EFE Dow Jones, a partner of Dow Jones & Co.

Email Carlos Lopez Perea at carlos.perea@dowjones.com

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