Attica Bank is preparing its third and last NPE portfolio securitisation aiming to create the conditions -by cleaning up its balance sheets- and look for a strategic investor.
According to the financial statements for the first half of the year, the bank has already started the initial actions to launch the securitization. UBS and Euroxx were appointed as financial advisors; they will also undertake the task of finding a strategic investor.
Meanwhile, preparations are underway to finalize the perimeter of the portfolio to be securitized and to settle all technical issues. The tender is scheduled to be completed no later than the first quarter of 2021.
According to the financial statements, the bank aims to minimize the stock of NPEs to levels significantly lower than 10% of total loans.
The core of the portfolio to be securitized will be €435 m NPEs. The servicing of the portfolio has been assigned, following a tender process, to Qquant Master Servicer. Qquant will maintain the servicing of the loans for one year after the securitization. The perimeter of the portfolio is estimated to reaching a gross book value of over €450 m.
If a strategic investor is found who meets the supervisory criteria, the bank will proceed with a capital increase, with partial or total waiver of shareholders’ pre-emptive rights. The new funds will be used to repay Tier II covered by the State and to strengthen its capital ratios.
Original Source: Euro2day
Adaptation/Summary: Kiki Athanasiadis