Apollo, Bain Are Bidding for Santander's Portuguese Bad Debt

(Bloomberg) -- Apollo Global Management and Bain Capital are among funds that submitted non-binding offers for Banco Santander SA’s 650 million-euro ($762 million) portfolio of Portuguese bad loans, according to people familiar with the matter.

Arrow Global Group Plc together with CarVal Investors, and Cerberus Capital Management also bid, the people said, asking not to be identified because they’re not authorized to talk about it. Binding offers for the soured real-estate loans are due in September, one of the people said.

The portfolio mostly comprises debt from Banco Popular Espanol SA, other people familiar with the matter said last month. Alantra is advising Santander Totta, the Spanish bank’s Portuguese division, the people said.

Officials at Apollo, Arrow, Bain, CarVal, Cerberus and Santander Totta declined to comment on the deal.

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