He Santander Bank has reduced its participation in the Quasar project from 49% to 10%, a real estate vehicle that it has together with Blackstone to manage the toxic bricks from the acquisition of Banco Popular in 2017, as confirmed by financial sources cited Europa Press. Santander has declined to comment on this information provided by the agency. Bloomberg.
The bank has reduced its stake as part of a accordion operation carried out by the company to recover financially, which consisted of a capital reduction and a simultaneous capital increase, so that Blackstone, which already owned 51%, has kept the 39% that Santander owned, reaching 90%. %.
In August 2017, Santander announced the agreement to sell 51% to Blackstone of the portfolio of foreclosed properties, doubtful loans from the real estate sector and other assets related to real estate activity from Banco Popular, in an operation that constituted one of the largest in Spanish real estate history.
The value of the assets transferred to Quasar was around €10 billion at that time, a value that had been reduced to around €4.77 billion in 2022, according to Santander’s 2023 annual accounts.
This is the latest move that the bank has made to simplify its structure in the credit market. servicers. In July, the sale of the 15% it had in Aktua to Intrum was known, while in October 2022 it announced its departure from doValue, where it also had a 15% stake.
Both Intrum and doValue have continued, together with Diglo, to manage Banco Santander’s foreclosed asset portfolios. However, Diglo is the only one of these companies that belongs 100% to the entity.
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