AIG Group Wins $1.32bn Colombia NPL Portfolio

The Colombian government has succeeded in selling a $1.32bn portfolio of non performing loans to a consortium led by AIG Global Investment for COP596bn ($314m). The bid came in above a COP319.5bn asking price, which the government kept secret until after the auction, which took place last Friday. Cargill, IFC and Covinoc teamed up with AIG to beat five other groups bidding. The NPL assets include mortgages, corporate and consumer loans and real estate assets from the 1999 financial crisis. This is the first public auction of NPLs in Colombia and the largest of its kind in South America to date, says Alyssa Grikscheit, partner at Goodwin Procter, which advised the winning consortium.