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Ex-Banif's 'bad bank' sells unit with 1.5 bln euros assets to Altamira
April 4, 2017 / 10:57 AM / 8 months ago

Ex-Banif's 'bad bank' sells unit with 1.5 bln euros assets to Altamira

LISBON, April 4 (Reuters) - The ‘bad bank’ that holds the assets of failed Portuguese bank Banif has sold a unit that manages 1.5 billion euros of real estate assets and non-performing loans to Altamira Asset Management, which is owned by U.S. fund Apollo and Spain’s Santander.

The assets of Banif were transferred to ‘bad bank’ Oitante, with a 66 percent haircut, when the Madeira-based bank collapsed in December 2015. Oitante said in a statement that it had agreed on Tuesday to sell the unit and its management to Altamira, but did not disclose the price.

Altamira is 85 percent owned by Apollo and 15 percent by Santander.

Portugal injected over 2.2 billion euros in the rescue of Banif, in which the lender’s operations and branches were sold to Santander for 150 million euros. (Reporting By Sergio Goncalves, writing by Axel Bugge)

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