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.
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