MADRID, July 28 Spain's Banco Sabadell said on Monday says it had agreed to sell its debt recovery business to Lindorff Espana, part of Norwegian credit manager Lindorff, for 162 million euros ($217.6 million).
The deal comes as many international private equity firms and investment groups jostle for a slice of the debt recovery industry in Spain, as banks get rid of soured loans accumulated during the financial crisis.
Sabadell said it would make a 162-million-euro capital gain from the sale. It said the debt recovery unit has also struck a deal to manage its assets for 10 years. ($1 = 0.7444 Euros) (Reporting by Sarah White, Editing by Paul Day)