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Bankia to sell 1.3-billion-euro bad loan book to U.S., UK funds

Reuters

MADRID (Reuters) - Spanish state-rescued lender Bankia (BKIA.MC) is close to selling a bad-loan portfolio worth around 1.3 billion euros ($1.4 billion) to U.S. fund Oaktree (OAK.N) and British fund Chenavari (CCSL.L), a source close to the sale said on Monday.

"They're finalising the terms of the contract, and it could be signed sometime this month or the beginning of August," the source said, confirming a report in the Spanish financial newspaper Expansion.

The portfolio includes unpaid credits such as mortgages, mortgage-backed loans and loans to small companies.

While the source did not give the final price, the portfolio could sell for around 250 million euros, according to Expansion.

($1 = 0.9040 euros)

(Reporting by Carlos Ruano; Writing by Paul Day; Editing by Louise Heavens)