Alpha Bank ACBr.AT, one of Greece’s four largest lenders, said on Monday it signed a binding agreement to sell a 1.5 billion euro ($1.62 billion) portfolio of bad loans to Hoist Finance AB.

The transaction, named Project Cell, is expected to reduce Alpha Bank’s non-performing exposures (NPE) ratio by 20 basis points, it said.

The deal is expected to be completed in the last quarter of the year.

Original Story: Reuters | Leferis Papadimas 
Photo: Alpha Bank website
Edition: Prime Yield