Eurobank sells NPLs portfolio of unsecured consumer loans worth 1.1 billion euros

Eurobank Ergasias S.A. on Tuesday announced it has reached an agreement with the consortium of B2Holding ASA and Waterfall Asset Management, to sell a non-performing loan portfolio of total unpaid principal 1.1 billion euros (of which 1 billion is on balance sheet) and of total face value from ancillary charges of 2 billion euros.

The portfolio consists of unsecured consumer loans. The servicing of the portfolio will remain with Financial Planning Services (FPS), which is the 100 pct owned by Eurobank licensed NPL servicer. The servicing will take place in cooperation with the licensed company B2Kapital S.A.

The transaction is part of Eurobank’s 2018 NPE reduction plan and will be concluded within Q4 2018. The consideration is 6 pct in terms of total unpaid principal. The transaction will be P&L and capital neutral.

Advisors to Eurobank were BlackRock and Papadimitriou law firm.

Source ANA-MPA
You might also like

Comments

The Greek Observer considers that every reader has the right to express their opinions freely. However, we explicitly emphasize that The Greek Observers’ editorial team does not adopt user opinions. Please express your opinions in a decent manner. Comments that include, insults will be deleted by the team and the users will be banned from commenting.