PQH, the liquidator for bad banks in Greece, has signed a deal to sell a €1 Bn portfolio of unsecured impaired loans to loan servicer Intrum Hellas. The deal was agreed at a price of €71.1 Mn, meaning PQH will receive 7% of the outstanding principal.
The portfolio comprises unsecured retail and small business soured loans. Morgan Stanley advised PQH on the deal.
Intrum Hellas was created last month as a joint venture of Greek lender Piraeus Bank and Swedish loan servicer Intrum. It is the biggest independent servicer of non-performing loans and real estate assets in the Greek market, managing Piraeus Bank’s €26 Bn of non-performing exposures (NPEs), while Greece’s other 18 licensed credit servicers were handling a total of €17.5 Bn of non-performing loans as of June 2019.
Original Story: Ekathimerini | Author: News
Photo: Intrum site
Edition: Prime Yield