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Ibercaja Banco sells €334M loan portfolio

Ibercaja Banco SA signed the sale of Servet, a €334 million loan portfolio, to Cabot Securitisation (Europe) Ltd. for a gross capital gain of €13.8 million.

The portfolio consists of about 53,000 loans, most of which are classified as failed and fully provisioned. The sale is part of Ibercaja Banco's 2015-2017 strategy to reduce irregular assets, the bank said Dec. 27.

Ibercaja Banco will use the gross proceeds to improve its coverage and solvency ratios.