Novo Banco has sold to a consortium of funds managed by British West Invest and LX Partners based in Luxembourg, Project Orion, a “portfolio of non-productive loans and related assets”, which includes more than 12 thousand loans worth 64.7 million euros, the report said. this Thursday the institution was headed by Antonio Ramalho.
V release disclosed in CMVM, Novo Banco refers to the fact that “upon completion of the competitive sale process, the Bank entered into sale and purchase agreements with a consortium of funds managed by WEST INVEST UK LIMITED PARTNERSHIP and LX INVESTMENT PARTNERS III S.À.RL, respectively, for the sale of the Orion Project, portfolio of non-performing loans and related assets ”.
The par value (outstanding balance) in September last year was 231.3 million euros, the bank also points out.
“Completion of the transaction in accordance with the agreed terms should have a marginal positive impact on novobanco’s equity position and income statement for 2021,” he adds.
“The Orion Project includes non-productive loans and related assets covered by the Contingent Capital Facility, with contracts subject to adjustments to the normal scope of this type of operation. These contracts represent a reduction of € 168.1 million in non-productive costs. productive loan (“NPL” – non-performing loan), ”emphasizes Novo Banco.
