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Banco Popular to sell debt-recovery division

Source: Reuters - Mon 21st Jan 2013
Banco Popular to sell debt-recovery division

Spain's Banco Popular said on Monday it had agreed to sell a debt recovery business in Spain to the EOS Group, a supplier of the bank owned by financial services group Otto.

The business was valued at 135 million euros and would generate a one-off earning of 133 million euros for the bank, Popular said in a statement released earlier today.

Late last year Banco Popular announced the decision to invest in the newly created Spanish "Bad Bank" - commonly referred to in the Spanish press as "SAREB" - along with a number of other smaller investors, to a combined total investment of 2 Billion Euros.

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