LISBON, April 4 The 'bad bank' that holds the
assets of failed Portuguese bank Banif has sold a unit that
manages 1.5 billion euros of real estate assets and
non-performing loans to Altamira Asset Management, which is
owned by U.S. fund Apollo and Spain's Santander.
The assets of Banif were transferred to 'bad bank' Oitante,
with a 66 percent haircut, when the Madeira-based bank collapsed
in December 2015. Oitante said in a statement that it had agreed
on Tuesday to sell the unit and its management to Altamira, but
did not disclose the price.
Altamira is 85 percent owned by Apollo and 15 percent by
Portugal injected over 2.2 billion euros in the rescue of
Banif, in which the lender's operations and branches were sold
to Santander for 150 million euros.
(Reporting By Sergio Goncalves, writing by Axel Bugge)