Apollo Global Management has signed a definitive agreement to acquire FinanMadrid, the auto and consumer loan unit of Bankia. The New York-based private equity firm made the investment through Apollo European Principal Finance (EPF) Fund II. FinanMadrid's portfolio includes more than 188,000 customer accounts in Spain with a balance of more than €873 million ($1.13 billion) of receivables. The accounts will continue to be managed by the approximately 125 person operating platform based in Madrid. The transaction is expected to close within four months. Apollo's previous EPF fund made investments in Bank of America's Spanish and Irish consumer credit card portfolios, as well as non-performing consumer loans held by Citibank in Spain. With the acquisition of FinanMadrid, Apollo EPF I and EPF II will have acquired approximately €2.7 billion ($3.5 billion) of credit card and consumer loan receivables in Ireland and Spain.
