WiZink is considering different strategic options for its Portugal business, four sources familiar with the matter said, as the Spanish online lender seeks to accelerate the unit’s growth and increase its value.
The company is considering a joint venture or business deal to sell consumer loans, two of those people said, adding that initial discussions focused on finding a suitable partner. The potential sale of a stake in the company would be to a minority stake, these people said.
Three of the people said the owners had asked Deutsche Bank to gauge interest in the company. The sources requested anonymity because it is a private matter.
WiZink is 100% owned by investment firm Varde Partners. WiZink, Deutsche Bank and Fard Partners declined to comment.
Consumer loans in Portugal have reached record levels, despite a sharp rise in interest rates by the European Central Bank. The value of outstanding loans in the country rose by 2.7% to about 20.9 billion euros ($22.41 billion) in July compared to the previous year, according to data from the Bank of Portugal.
One of the interviewees said that the decision to sell the stake or enter into a partnership had not yet been made. Early September 2023, activation of the WiZink line in Espagne and Portugal was activated with a net beneficiary network of 60,000 euros, totaling 12 million euros this month. The last year.
($1 = 0.9325 euros) (Reporting by Jesús Aguado in Madrid; Andres Gonzalez in London and Sergio Gonçalves in Lisbon; Additional reporting by Pablo Mayo Cerquero; Writing by Anusha Sakoy and Sharon Singleton)