Grupo Cajamar sells 308 million euro loan portfolio15 june, 2018
Grupo Cooperativo Cajamar has sold a portfolio of 1,222 business loans with mortgage collateral, in the amount of approximately 308 million euros, to Link Financial Group.
The portfolio, named "Galleon" and very well received by the market, is made up entirely of loans granted to 688 companies. The assets are located mainly in Andalusia, the Valencian Community and the Region of Murcia. The deal was advised by Alantra.
Grupo Cajamar continues to increase sales of distressed assets and to reduce non-performing assets, which at the end of the first quarter of 2018 are down 3 percentage points year-on-year. This latest portfolio sale will help the group achieve its goals for the current year, which are to remove non-performing assets from the balance sheet and release funds for use in the lending business.
At 31 March 2018, Grupo Cooperativo Cajamar, the leading representative of social cooperative banking in Spain, has 3.5 million customers, assets of 41,857 million euros and a business volume under management of 72,981 million euros.