Banco Espirito Santo (BES) has sold between €1.4 billion and €1.7 billion of its portfolio of syndicated loans, Reuters reports. The Portuguese lender’s loan portfolio, which consisted of project finance and corporate loans, was sold to multiple buyers. The portfolio included €940 million of loans to Iberian entities and €400 million of loans to U.S. companies. Lisbon-based BER’s decided to sell its loan portfolio to reduce its high funding costs.
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