Greek banks shrank their bad loans pile by more than €15Bn in a year

By end-September Greece’s four systemic banks had reduced their bad loans by more than €15 Bn compared to the same time last year, trimming their nonperforming (NPL) credit to €74 Bn on a group level from €89.6 Bn at end-September 2018.

This has paved the way for a dynamic fourth quarter, by the end of which some significant sale and securitization transactions will have been agreed.

These include the securitization of Eurobank’s Cairo portfolio worth €7.5Bn and the sale of its FPS loan management offshoot expected by year-end, and the securitization of Alpha’s Galaxy portfolio of €12Bn along with the sale of Cepal in the first half of 2020. In 2020 Piraeus will carry out two transactions totalling €3Bn while the National will securitize loans equal to €3.5Bn.

Original Story: Tornos News |  News 
Photo: Photo by JonteRemos/
Edition: Prime Yield