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Goldman Sachs (NYSE:GS) has agreed to purchase about €460 million ($534 million) worth of Spanish mortgages from Banco Santander SA (NYSE:SAN), according to Bloomberg, which cited sources familiar with the deal.
The banking giant is acquiring the loans alongside other investors, including Pacific Investment Management Co., the report said.
Santander’s sale of performing and re-performing mortgages to Goldman Sachs and Pimco is part of its wider strategy to shed €40 billion ($46.39 billion) in risk-weighted assets by 2025. The move is aimed at shifting towards a leaner balance sheet in line with European regulators’ calls for stronger capital buffers and lower risk exposure.