BBVA DRIVES FIRST ACQUISITION TERM LOAN ON BLOCKCHAIN

[PRIBO247]

BBVA and Porsche Holding Salzburg have closed the first
acquisition term loan using blockchain technology.
The bank and the automotive distributor closed a USD 150
million term loan backing acquisitions in the retail
distribution network in Europe and Asia.

BBVA says this is not only the first acquisition term loan ever arranged through blockchain technology, but Porsche Holding is also the first
non-Spanish borrower using this technology for the
negotiation and closing of a corporate loan. This pilot used
the platform developed by BBVA based on distributed ledger
technology (DLT).

According to the bank, blockchain offers a better client
experience by automating the negotiation process and
minimising operational risks. In its view, the speed of
execution is essential to the success of acquisition finance
transactions.

Source: https://www.thepaypers.com/