In the past five years, consumer loans as a proportion of GDP have grown from 6.5% to 10.5%, with most growth occurring in the past 18 months. Today, the Brazilian financial system has aggregated more than R$30 billion ($15.4 billion) of NPLs. Hot on the heels of increasing NPL ratios is the growing NPL auction market.
Lehman Brothers won the first Brazilian NPL portfolio auction last August, a $500 million basket of corporate loans made by Brazil’s Banco Real, and sold by ABN Amro.
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