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State-owned Caixa Geral de Depositos as well as Novo Banco and
Millennium bcp will form a private vehicle to manage loans that
at least two of them have made to the same corporate borrowers,
Ricardo Mourinho Felix told Reuters in an interview on
Wednesday.
A Novo Banco spokesman confirmed on Thursday that the three
banks had agreed to form a joint debt-management platform but
gave no further details.
Millennium bcp and Caixa declined to comment.
The three banks account for most of Portugal's bad loans, which
are estimated to total 25-30 billion euros, or about 15 percent
of their total credit portfolios, mainly to companies. It is one
of European banking's biggest bad-debt burdens.
It is unclear how many bad loans will be jointly managed by the
three lenders' new vehicle, which Mourinho Felix said would be
structured as "a complementary group of companies" and focus on
loans to corporate borrowers that were considered viable.
The loans would remain on the banks' balance sheets.
"The ownership of the process is with the banks and they are
already preparing the documents," Mourinho Felix said.
(Editing by Axel Bugge and Mark Bendeich)
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