NPG sells secured NPL portfolio for €250 million

Greece’s National Bank (NBG) is transferring its first portfolio of loans secured against property, named “Symbol,” to a consortium comprising Centerbridge Partners and Elliott Advisors for €250 million.

The lender announced that the price of the transaction comes to about 28% of the outstanding capital on the package’s loans, which stands at €900 euros, and the sale forms part of NBG’s strategy for managing non-performing exposures (NPE) as submitted to the European Central Bank’s Single Supervisory Mechanism.

The Symbol package contains 2,800 non-performing loans (NPL) issued to small and medium-sized enterprises and professionals, with collateral that comes to a sum of 8,000 properties. After the transaction is completed the consortium will concede the management of the portfolio to Cepal Hellas Financial Services.

Symbol is the third portfolio of loans secured against properties that a Greek bank has conceded in the battle against bad loans. It follows the sale of the Amoeba package by Piraeus Bank, which is worth €1.4 billion, and the Jupiter portfolio by Alpha Bank (800 million). Eurobank and Piraeus intend to concede two new portfolios within 2019.

Original Story:Ekathimerini | Evgenia Tzortzi
Photo: Photo by Michalis Famelis / Wikimedia Commons
Edition:Prime Yield