lundi 23 mars 2015
European Banks Seen Offloading $109 Billion of Bad Debt in 2015
Posted on 22:04 by nice news
European banks will offload 100 billion euros ($109 billion) of unwanted loans this year to cut costs and restructure their balance sheets, according to a report by PricewaterhouseCoopers LLP.
Banks will jettison bad debts and loans that no longer fit with their business strategies, PwC said. That’s up from 91 billion euros last year and will be the biggest annual tally since Europe’s banks started downsizing after the financial crisis, said about 60 percent of more than 60 hedge funds, banks and private equity firms surveyed by PwC for the report.
Loan disposals by banks have grown every year since 2010 as scrutiny by the European Central Bank and pressure from regulators to shore up balance sheets prompted lenders to restructure and downscale their operations. That’s provided a growing supply of assets for U.S. investment firms including Lone Star Funds, Apollo Global Management and Oaktree Capital Group LLC, which invest in distressed assets.
Banks will jettison bad debts and loans that no longer fit with their business strategies, PwC said. That’s up from 91 billion euros last year and will be the biggest annual tally since Europe’s banks started downsizing after the financial crisis, said about 60 percent of more than 60 hedge funds, banks and private equity firms surveyed by PwC for the report.
Loan disposals by banks have grown every year since 2010 as scrutiny by the European Central Bank and pressure from regulators to shore up balance sheets prompted lenders to restructure and downscale their operations. That’s provided a growing supply of assets for U.S. investment firms including Lone Star Funds, Apollo Global Management and Oaktree Capital Group LLC, which invest in distressed assets.
European Banks Seen Offloading $109 Billion of Bad Debt in 2015
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