Banco de Sabadell SA has agreed to sell a bad loan portfolio valued at €875 million to Scandinavian debt management company Axactor AB (publ).
Axactor said the sale is subject to regulatory clearance. The company has acquired several portfolios on the Spanish market, including a portfolio of nonperforming auto loans valued at €133 million from Santander Consumer Finance SA in February.
According to Spanish newspaper Expansión, the debt portfolio is one of four that Sabadell is trying to sell to reduce its nonperforming loans. Spanish banks across the board are still trying to off-load toxic real estate assets after Spain's property bubble burst 10 years ago. It said the bank wants to sell off a total of €10.80 billion of loans.
The paper said the Axactor deal involves a portfolio of mortgage loans from failed savings bank CAM, which Sabadell acquired in 2011.