Alpha Bank has started the process of detaching its NPE activities and transferring them to CEPAL. This is an important stage before the completion of the Galaxy securitization to the preferred investor.
The carve-out is expected to be completed within November.
The bank’s employees transferred to CEPAL will receive a cash benefit of 10 gross monthly salaries of a minimum of €25,000 and favorable tax treatment resulting from the termination of their employment contract, ie zero tax up to 60 thousand euros.
Alpha Bank recently acquired 100% of Cepal, by purchasing the share of Centerbridge (60%). The first step of the Galaxy securitization will be the sale of the new Cepal to the investor who will acquire 95% of the medium and low securitization securities.
Alpha Bank announced that the transfer of Alpha Bank NPEs Management Activity to Cepal is a key stage of the large transaction. At the same time, it contributes to the further development of Cepal, and to its emergence as the most powerful NPE Servicer in Greece.
The transfer of the Bank’s staff to Cepal will be carried out in accordance with all the provisions of the current legislation and with full respect of the salary and insurance rights, as well as the other benefits they currently enjoy.
Original Source: Capital.gr
Adaptation/Summary: Kiki Athanasiadis