Santander freezes €1.5b mortgage portfolio sale on coronavirus

Spanish lender Santander has reportedly halted the disposal of a €1.5 bn mortgage loan portfolio known as Prometeo as it gauges the impact of the coronavirus pandemic on the underlying assets.

According to a news report by El Confidential, UK investor M&G and Allianz’s Pimco were believed to be the frontrunners in the sale which involved 20,000 mortgage loans. The sale may resume in the coming weeks.

Allianz initially put the assets up for sale through Alantra in late 2019.

Earlier in March Santander Bank sold another loan portfolio known as Project Atlas to Canada’s CPPIB.