(Bloomberg) -- Banco Primus SA plans to sell its entire loan portfolio in Spain and is weighing its options about its presence in the Spanish market, according to people with knowledge of the matter.
The bank is marketing a portfolio of mortgage loans in Spain worth less than €100 million ($105 million), said the people, who asked not to be identified because the negotiations are private. Banco Primus is fully owned by BPCE Financement of France.
Banco Primus, which is based near Lisbon, stopped providing new mortgage loans in Portugal and Spain in 2011. It’s been focusing on its core business of financing the purchase of new and used cars in Portugal.
Deliberations are ongoing and the bank could decide against pursuing a deal.
Primus said in a statement to Bloomberg News that it “regularly assesses the opportunity to partially or fully deleverage the mortgage business units.” It declined to comment on whether it planned to close down its operation in Spain after the possible sale of the loan portfolio.
The bank’s total loans granted to clients reached €467 million at the end of 2023. Most of these loans were used for the purchase of vehicles in Portugal.
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