Spain’s bad bank offloads loans

Spain’s so-called bad bank, which was set up to cleanse ailing banks of soured loans, has sold two portfolios of loans worth a total of €323m (£270m) to Deutsche Bank, the third sale of its kind. The government-backed vehicle, known by its Spanish acronym Sareb, put at least seven portfolios on the market in recent weeks, including stakes in tourist resorts and a shopping centre, homes and syndicated loans to property developers.