doValue, Italy’s largest loan recovery servicer, had reached an agreement with Greece’s Alpha Bank to manage a gross €4.3 billion portfolio of Non-Performing Loans (NPL) and Real Estate Assets (REO) in Cyprus.
A company from the spinning off of Italy’s UniCredit’s debt collection unit, doValue would also manage any of Alpha Bank’s future NPL and REO in Cyprus, it said in a statement.
Under the agreement, doValue’s non-performing assets (NPA) under management in Cyprus rise to about €11 billion out of a total of approximately €20 billion in the country, it added.
In August, Greece’s top four banks agreed to have doValue, then called doBank, manage a combined €1.8 billion worth of their NPL.
Original Story: Reuters |Giulio Piovaccari
Photo: Site AlphaBank
Edition: Prime Yield