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BBVA to sell soured mortgage loan portfolio to Voyager Investing UK

Banco Bilbao Vizcaya Argentaria SA said Dec. 26 that it agreed to sell a nonperforming and in-default mortgage loan portfolio worth roughly €1.49 billion to Voyager Investing UK LP, which is managed by Canada Pension Plan Investment Board.

The deal is expected to close in the second quarter of 2019.

At completion, the transaction will have an impact of about €150 million on BBVA's profit, net of taxes and other adjustments, while the impact on its common equity Tier 1 fully loaded ratio is expected "to be slightly positive."