By Syndicated Content
Feb 22, 2021 1:56 AM
ATHENS (Reuters) - Greece s Alpha Bank will sell a 10.8 billion euro ($13.09 billion) portfolio of impaired loans and 80% of loan services provider Cepal Holdings to U.S. fund Davidson Kempner under a definitive agreement it announced on Monday.
The sale of the portfolio, known as Galaxy, will be the second-largest rated securitisation of non-performing exposures (NPEs) in Europe after Monte dei Paschi s Sienna project, it said.
The deal is expected to reduce Alpha Bank s NPE and NPL ratios in Greece to 24% and 13% respectively from 43% and 29% in September 2020.
Reuters had exclusively reported that Alpha Bank had selected Davidson Kempner as its preferred bidder in November last year.
Alpha Bank to sell 10 8 billion euro portfolio to Davidson Kempner
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Alpha Bank to sell 10 8 billion euro portfolio to Davidson Kempner
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