Alpha Bank is committed to Project Galaxy, the securitization plan aimed at consolidating its balance sheet from non-performing exposures. The Bank proceeds with the transfer and securitization of claims from loans and other credits of consumer, housing and business credit to SPVs. This intra-group transaction, according to the bank management, is another step towards the implementation of Project Galaxy.
According to the information provided by Alpha Bank’s management team to investors and analysts a few days ago, the strategic goal remains to launch the Galaxy project at an even faster pace, once the international market returns to normal. Legal and operational preparations for the completion of the project are in full swing.
The servicing of these claims is maintained by the Bank or by Cepal, which is the main servicing body of Project Galaxy.
According to the Bank’s planning, the nominal value of the loans to be secured amounts to €12 bn and includes bad mortgage loans from all categories of grants, as well as uninsured loans with a nominal value of €1 bn.
Original Source: Euro2day
Adaptation/Translation: Kiki Athanasiadis