Bankinter sells to Zolva a portfolio of 115 million with ‘revolving’ loans

Bankinter prepares its consumer finance subsidiary before the closing of accounts in 2021. The entity led by Maria Dolores Dancausa has reached an agreement to transfer a portfolio of bad loans from Bankinter Consumer Finance to Zolva, a new investor that has landed in the market in recent months, according to financial sources consulted by this medium. Among the credits sold, there are some from revolving cards.

The CEO of this company, Change Rangnes, points out that “the transaction is one more step on our way to become one of the main credit management agencies and strengthens our presence in Spain”. This financier is one of the European credit recovery gurus and landed a few months ago in the country with the acquisition of Multigestión Iberia.

Bankinter puts up for sale a portfolio of 100 million in delinquent consumer credit

Oscar Gimenez

On the part of the Spanish bank, the operation seeks to improve the numbers of its Bankinter Consumer Finance subsidiary, which higher delinquency rate has within the group. The entity reported a 7.5% doubtful accounts on a portfolio of 3,300 million, which represents around 250 million in unpaid loans.

Of these 3.3 billion from Consumer Finance, 1.8 billion are loans granted by the subsidiary in Spain, 800 million in credit cards, 300 million in Irish mortgages and 500 million in ‘revolving’, according to the latest reported data.

María Dolores Dancausa, CEO of Bankinter. (EFE)

Bankinter made the decision to reduce your exposure to revolving cards some years ago, before the avalanche of lawsuits that the sector has received as a result of the latest Supreme Court rulings. The last one established that the entities should not have charged interest rates higher than 20%. Its transparency has also been called into question. During the last year, the bank has lowered the exposure to this segment by about 100 million.

This entity is not the only one that is selling consumer portfolios in Spain. All banks have their recovery teams focused on this segment, since it is the first that began to present defaults derived from the covid crisis. In his latest ‘Financial Stability Report’, the Bank of Spain He has already warned of the risks that doubtful loans will multiply among lower-class families that have resorted to more financing to get out of the pothole.

Photo: Endre Rangnes, ex CEO of Lindorff and Axactor.  (Axactor)
The European guru of defaulters buys a platform in Spain with the CEO of Axactor

J. Zuloaga

The buyer of the Drakkar Project, in which he has advised Alantra, has 250 professionals between Spain and Portugal and assets under management for a value of more than 3,000 million, from old purchases of DE Shaw through Multi-Management. Zolva has offices in Madrid, Porto, Stockholm and Oslo. In Spain, the team leader is David Martin, which until a few months ago was one of the two responsible for Axactor in this geography.

This fund was launched a few months ago in Spain with the acquisition of a consumer portfolio of The English Court, as published by this medium, with 100,000 customer debt contracts and a nominal value of 90 million.

Bankinter prepares its consumer finance subsidiary before the closing of accounts in 2021. The entity led by Maria Dolores Dancausa has reached an agreement to transfer a portfolio of bad loans from Bankinter Consumer Finance to Zolva, a new investor that has landed in the market in recent months, according to financial sources consulted by this medium. Among the credits sold, there are some from revolving cards.