Novo Banco has sold Orion Project to a consortium of funds managed by British West Invest and LX Partners Luxembourg, a “portfolio of non-produced credits and related assets” that includes more than 12,000 loans, for €64.7 million. This Thursday the Foundation is led by Antonio Ramalho.
in a Release Novo Banco, disclosed on CMVM, notes that “after the completion of the competitive sale, the Bank entered into purchase and sale agreements with a group of funds managed by WEST INVEST UK LIMITED PARTNERSHIP and LX INVESTMENT PARTNERS III S.À.RL respectively. , to sell Project Orion, a portfolio of distressed credits and related assets.”
The bank indicated that the nominal value (outstanding balance) amounted to 231.3 million euros last September.
“Completion of the transaction, under the agreed terms, should have a marginally positive impact on Novobanco’s capital position and on its 2021 income statement,” he adds.
“The Orion project includes non-productive credits and related assets covered by the contingent capital mechanism, with contracts subject to the adjustment of the usual perimeter in operations of this nature. These contracts represent a reduction of €168.1 million in non-productive credits (“Non-performing loans” – loans distressed)”, highlights Novo Banco.
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