Banco Sabadell has sold a portfolio of problem assets from CAM to the US investment firm KKR for around € 130 million.
The sale, which was signed this Monday, refers to the so-called “Aurora project”, with a book value of approximately 500 million euros, as reported by sources close to the operation, which Deloitte has advised.
Bain Capital has also participated in the final bid for this portfolio, made up of toxic assets of the Alicante entity, which Sabadell stayed in 2011 after a rescue of the Deposit Guarantee Fund (FGD).
Nine years later, the bank chaired by Josep Oliu has managed to get rid of the portfolio, thus ending the Asset Protection Scheme (EPA) that he received in exchange for keeping the box.
This sale also allows Sabadell to continue cleaning its balance sheet, now that the merger negotiations with BBVA have failed and that the group of Catalan origin wants to continue alone and with a new management, led by César González-Bueno, who will relieve as chief executive to Jaume Guardiola.
This is the second operation of this type that Banco Sabadell closes this year, after just a few days ago it signed the sale of a portfolio of doubtful loans to the manager Tilden Park for around 65 million euros.