Piraeus Bank has completes the securitization and transfer of a portfolio of non-performing exposures consisting of corporate loans, including bond loans and other receivables, with a total gross book value of approximately €300 million. Global law firm Hogan Lovells has advised the transaction, as international counsel.

The portfolio was part of the Solar portfolio, which had been classified as held for sale as of 30 June 2022 and was originally established as part of a joint initiative by the four systemic banks to manage non-performing corporate claims.

The notes issued in the context of the securitisation were acquired by an affiliate of the investment manager, Waterwheel Capital Management, LP. The servicing of the portfolio was assigned to Cepal Hellas AEDADP, a credit servicer licensed by the Bank of Greece.

This transaction forms part of Piraeus Bank’s ongoing strategic plan for the active management of non-performing exposures, further supporting its long-term growth objectives.

Original Story: Legal Desire |Author: PR Hogan Lovells
Edition: Prime Yield