Ibercaja Banco SA said Dec. 22 that it has agreed to sell a €652 million portfolio of foreclosed assets to Intrum AB (publ).
The deal represents a nearly 45% reduction in the bank's stock of foreclosed assets as of September 2018. The Spanish lender will keep a 20% stake in a new company to which the portfolio will be transferred.
The Spanish bank's net exposure to foreclosed assets will be approximately €300 million, or below 1% of total assets, once the deal is completed.
The deal also means the bank has cut its gross nonperforming assets by €950 million year-to-date, in line with the €1.85 billion target for 2018 to 2020. Its gross nonperforming asset ratio will drop to about 9.5%, equivalent to a reduction of 260 basis points year-to-date.