(Bloomberg) -- Goldman Sachs Group Inc. is in pole position to purchase a portfolio of around €450 million ($497 million) of loans from Spanish bank Bankinter SA, according to people with knowledge of the matter.
The US bank is poised to win a competitive process that has lasted months, and is expected to close the deal in the coming weeks, said the people, asking not to be named on private talks. The discussions are ongoing and Bankinter can still decide not to pursue the deal or select another investor, they added.
A Bankinter spokesperson said the process is continuing and that it’s “open for everyone and there is nothing decided.” Representatives from Goldman Sachs declined to comment.
Spanish banks are seeking to shed billions in loans after higher interest rates took a toll on the economy and risked more defaults from borrowers. CaixaBank SA sold a portfolio to alternative asset manager Apollo Global Management Inc. earlier this year.
The Bankinter transaction is part of its plan to keep a “minimal default ratio strategy,” which is a “top priority this year,” the Madrid-based lender said in a marketing document about the transaction seen by Bloomberg News. The portfolio contains loans to 50,000 former credit card holders, according to this document.
Bankinter’s non-performing ratio rose to 2.2% in the second quarter from 2.1% in 2023. For its Spanish business, this ratio stood at 2.5%, still lower than its peers. Bank of Spain announced a non-performing loan ratio of 3.4% by June for the whole system.
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