Portugal’s first Bank Asset Resolution Company and one of Europe’s first ‘Bad Banks’
Originally founded in 1978 by the Portuguese government, Finangeste was soon transferred into the ownership of a number of Portuguese banks, including the Bank of Portugal, where it became the ‘work out’ arm and outsourced servicer of record for the shareholder banks’ complex non-performing loans and associated real estate and other financial holdings. Right up to the present day, Finangeste continues to act as servicer to a number of the original shareholder banks.
Following a Bank of Portugal mandated sales process, Finangeste was acquired in 2015 by a group of local and international investors who were eager to leverage the high level of expertise within the company at a time when the Portuguese real estate sector had begun to rebound as local banks started the process of deleveraging their balance sheets and ‘re-booting’ the banking system in order to provide new lending to help support future growth in the economy.
Today, Finangeste is one of the leading independent loan servicing and real estate management companies in Portugal and counts some of the world’s largest private equity and alternative asset managers as its clients and co-investors