America banks on Spain

摘要

One of the world's biggest banks is in talks to buy a large portfolio of distressed Spanish loans at a 60% discount, in a transaction that is seen as key for Europe's property market. Bank of America Merrill Lynch is understood to be in talks to buy a portfolio of mainly residential property loans from Spanish banking giant Santander. The loans have a face value of around €2.5bn. Bank of America is understood to be paying around €lbn.