This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fund Affiliated With Apollo Global Management Announces Agreement To Acquire Spanish Auto And Consumer Loan Unit Of Bankia

Apollo European Principal Finance Fund II (“Apollo EPF II”), a fund affiliated with Apollo Global Management, LLC (NYSE: APO) (collectively with its subsidiaries “Apollo”), today announced a definitive agreement to acquire FinanMadrid, the auto and consumer loan unit of Bankia, which includes more than 188,000 customer accounts in Spain with a balance of more than €873 million of receivables (the “Portfolio”). The accounts will continue to be managed by the approximately 125 person operating platform based in Madrid, Spain, which is also being acquired by Apollo EPF II. The transaction, the terms of which were not disclosed, is subject to regulatory approval and other customary closing conditions. The transaction is expected to close within four months.

This transaction follows the acquisitions by Apollo EPF II and its predecessor fund, Apollo European Principal Finance Fund (“Apollo EPF I”), of numerous assets including Bank of America’s Spanish consumer credit card portfolio and operations in August 2011, Bank of America’s Irish consumer credit card unit in May 2012, and a portfolio of €265 million performing and €280 million non-performing consumer loans held by Citibank in Spain in September 2012. Upon completion of the acquisition of the Portfolio, Apollo EPF I and Apollo EPF II will have acquired approximately €2.7 billion of credit card and consumer loan receivables in Ireland and Spain, which are serviced by a staff of approximately 675 persons in total. Apollo EPF I and Apollo EPF II have been significant investors in European non-performing loan portfolios and other illiquid assets divested by financial institutions, having completed more than 30 transactions comprised of more than 1 million loans with outstanding claims of more than €10 billion.

“This transaction underscores Apollo’s ability to leverage its integrated platform to provide differentiated solutions to European financial institutions as they restructure their balance sheets. In addition, this transaction will bring our invested capital in Spain since 2011 to more than €1 billion, underscoring our commitment to Spain as a core market for our activities. We have further solidified our relationship with Bankia, one of the leading Spanish financial institutions, and we look forward to growing this relationship in the future,” said Andrés Rubio, EPF Partner and Head of Apollo EPF’s Spanish franchise.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs