PLMJ advises WiZink on €280M credit securitization deal
PLMJ has provided legal counsel to WiZink in a credit securitization operation totaling 280 million euros, placed with institutional investors and fully subscribed by the market. The operation, named Vasco Finance No. 2, was announced to the market on September 23 and the collateral consists of part of the bank’s active credit card portfolio in Portugal (Credit Card ABS).
“The financial proceeds from the securitization will serve to fund the bank’s growth and diversification strategy in Portugal and Spain, as well as allow WiZink to optimize its capital and diversify its liquidity sources,” PLMJ stated in a note. WiZink is a digital bank specializing in consumer financing solutions in Spain and Portugal. It offers a range of financing products that customers can manage online. With over 20 years of experience in the Portuguese market, it is regulated by the Bank of Spain and the Bank of Portugal.
The PLMJ advisory team was composed of Gonçalo dos Reis Martins (pictured), partner in the banking and finance and capital Markets area, along with lawyers Kathleen Hoffmann Barley, André da Gama Loureiro, Tiago Jesus Bento, and António Delgado da Cruz.
