Bank of America (NYSE:BAC) agreed to buy a Spanish real estate portfolio valued at ~€100M ($118M) from Banco Santander (NYSE:SAN), as the Spanish bank continues to manage risks through the sale of assets, according to a media report on Thursday.
The U.S. bank agreed to a deal with the advice of Colliers International Group, Bloomberg News reported, citing people familiar with the matter. EY advised Santander (NYSE:SAN).
Earlier this year, Bank of America (NYSE:BAC) agreed to buy a portfolio tied to hotel loans from Santander (NYSE:SAN), Bloomberg had reported. Santander also sold some soured loans to Goldman Sachs (GS) and Morgan Stanley (MS) recently.
The Spanish lender has said it wants to shed €40B-$45B of risk-weighted assets this year through asset sales and significant risk transfers, Bloomberg said.