National Bank of Greece ready to sell-off €3 bn NPL portfolio

The National Bank of Greece (NBG) is ready to sell-off roughly €3 bn worth of non-performing loans (NPL), from which about €2 bn correspond to loans granted to companies and the other €1 bn to consumer loans.

The first tranche, known in the local market as the “Symbol Project”, includes collateral of approximately 5,000 commercial properties.

NBG is expected to hold an “investment day” in London in March, where, among others, it will announce new targets for reduction of NPLs and NPEs, along with the sale of subsidiaries, efforts to reduce operating costs and what the oldest Greek commercial bank calls its presence in the post-bailout period.

Original Story:Naftemporiki
Photo: National Bank of Greece
Edition: Prime Yield