National Bank of Greece has agreed to sell € 1.2 billion euros of unsecured non-performing loans (NPL) to asset manager CarVal Investors as part of efforts to clean up its balance sheet.

«The price of the transaction was above 9% of the unpaid principal,» National Bank said.

The management of Greece’s second largest bank wants to reduce its NPL portfolio to around 5% of total loans by 2022, from 41% at the end of 2018.

Original Story: Thompson Reuters | Lefteris Papadimas 
Photo:Photo by Michalis Famelis / Wikimedia Commons
Edition: Prime Yield