RocaJunyent has advised Banco Sabadell on the sale to Axactor, a fund specialising in debt management, of a portfolio of non-performing loans with a nominal value of €3.1 billion, in one of the most significant transactions in the Spanish NPL (Non-Performing Loans) market in recent years.
The transaction, known as Project Sibila, comprises approximately 100,000 defaulted loans to individuals and corporates, unsecured in nature, and includes consumer credit, credit cards, personal loans, SME financing and overdrafts. It represents Banco Sabadell’s largest divestment of non-performing assets since the macro-agreement signed with Cerberus prior to the pandemic, at a time when transactions of this type in the market are typically well below €500 million.
From a financial perspective, the transaction enables Banco Sabadell to release a significant volume of provisions, as the risk was fully provisioned on its balance sheet, thereby strengthening its strategy for the management and clean-up of non-performing assets. Axactor, for its part, consolidates its position as one of the leading players in the Spanish distressed debt market, following other large-scale transactions completed in recent years.
The legal advice on the transaction was provided by a multidisciplinary team from RocaJunyent, comprising Xavier Foz, Jordi Bermúdez, Javier Rodríguez, Maria Lian Hernández and Berta Bastardas from the Banking and Finance department; Beatriz Rodríguez and Delia Rodríguez from Data Protection; and Joan de Figarolas from Tax, delivering a comprehensive and highly specialised approach to a transaction of considerable legal complexity and economic scale.
cloud technology axon
The new fund aims to reach a size of €60 million and has been establ...
