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Report: Kutxabank sells bad-loan portfolio to Cerberus for €358M

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Report: Kutxabank sells bad-loan portfolio to Cerberus for €358M

Kutxabank SA sold a €358 million bad loan portfolio to U.S. fund Cerberus Capital Management LP, Expansión reported Dec. 19.

The sale will reduce the bank's bad-loan ratio by 60 basis points to 2.5%, making it the Spanish institution with the lowest bad loan rate, the report said.