WiZink has successfully completed a €280 million loan securitisation placed with institutional investors with 100% market subscription. The operation, called Vasco Finance No. 2, was announced to the market on 23 September and the collateral consists of part of the bank's active credit card portfolio in Portugal (Credit Card ABS).
PLMJ acted as legal adviser to the transaction, led by Gonçalo Reis Martins, a partner in the Banking and Finance and Capital Markets practices, and the team also included Kathleen Hoffmann Barley, André da Gama Loureiro, Tiago Jesus Bento and António Delgado da Cruz.
The proceeds of the securitisation will be used to finance the bank's growth and diversification strategy in Portugal and Spain, as well as allowing WiZInk to optimise its capital and diversify its sources of liquidity.
WiZink is a digital bank specialising in consumer finance solutions in Spain and Portugal. It offers a range of simple, flexible, transparent and digital financing products that customers can manage quickly, efficiently and securely online. It has more than 20 years of experience in the Portuguese market and is regulated by the Bank of Spain and Banco de Portugal.