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Bain acquired NBG’s Cypriot loans
The National Bank of Greece has completed the sale of 100% of its credit acquisition subsidiary in Cyprus, CAC Coral Ltd, which owns and manages a portfolio of non-performing corporate loans, loans to small and medium enterprises, as well as consumer and mortgage loans of total book value €325 m (approx. €200 m real estate insurable value), to the investment company Bain Capital Credit.
The portfolio in its majority includes loans with a maturity of more than 10 years. The transaction has a neutral impact on the Bank’s capital base.
Alantra Corporate Portfolio Advisors International Ltd acted as financial advisor to NBG in the transaction, while law firms Milbank LLP and Chryssafinis & Polyviou LLC acted as assistant legal advisors and Deloitte Greece as sales and accounting advisor.
Original Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis