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Novo Banco to sell €2.15B in nonperforming assets

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Novo Banco to sell €2.15B in nonperforming assets

Novo Banco SA and unit Banco Electrónico de Serviço Total SA have agreed to sell a portfolio of nonperforming assets with an outstanding balance of €2.15 billion to a consortium of funds managed by KKR Credit Advisors (US) LLC and LX Investment Partners II SARL.

The portfolio consists of approximately 102,000 contracts in bad loans and related exposures.

The sale remains subject to ordinary perimeter adjustments at closing, which is expected in the first quarter of 2019.