Caixabank Cleans Up Its Balance Sheet Before The Merger: Will Sell €1Bn Of Toxic Assets
Before clompleting its merger with Bankia, Caixabank wants to reorganise its balance sheet and will put up for sale portfolios of problematic assets worth 1 billion euros. The doubtful assets CaixaBank intends to divest have been divided into two portfolios. The first, called ‘Project Hermitage’, is made up of ‘unsecured’ credits valued at some 600 million euros. The second one, under the name ‘Louvre Project’, consists of credits worth some 400 million euros with a real estate guarantee.