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Alpha Bank receives two binding bids for the Galaxy portfolio
Alpha Bank received two binding bids for the sale of a bad loan portfolio worth about €10.6 bn. The transaction involves a securitisation and the sale of the bank’s loan servicing platform Cepal.
Reportedly, the two bidders are PIMCO and Davidson Kempner.
In its announcement the bank says that the high interest on behalf of the investors is a vote of confidence in the prospects of itself and the Greek economy, despite the pandemic and its financial consequences.
The Galaxy portfolio consists of retail loans worth €7.6 bn plus loans to medium-sized and large corporate clients worth €3 bn. Alpha Bank wants to reduce its bad loan ratio to 13% of its total loan book.
Original Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis