These two processes are added to a portfolio the bank has placed on the market: project Talos, estimated at 600 million euro, for which there have already been bids from Fortress, Marathon and Tilden Park.
In total, Santander has 2 billion euro on sale. It seeks, through these operations, to reduce its default, which is amongst the highest in the country, since it purchased Popular.
The operation with Cppib, a Canadian pension fund, includes the mortgages it refused to buy in 2020, when it reached an agreement with Santander. The fund entered the Spanish market three years ago with the purchase of doubtful receivables. The negotiation with Cerberus, includes 500 million euro in credit defaults.