(Bloomberg) -- Banco Sabadell SA is seeking to sell a chunk of soured loans as the Spanish lender manages its balance sheet.
Sabadell earlier this month started marketing a portfolio of €369 million ($412 million) in unsecured loans, according to a document seen by Bloomberg and people familiar with the matter. The portfolio includes loans to roughly 66,000 clients, mainly consumers and smaller companies, according to the document.
The potential deal comes while Sabadell is the target of a hostile takeover bid from larger competitor BBVA SA. Sabadell has rejected the approach saying it will create more value for its shareholders if it remains independent.
Several other Spanish banks have been selling non-performing loans as higher interest rates threaten to take a toll on the economy and may push more borrowers to default.
A representative for Sabadell declined to comment.
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