(Visited 644 times, 1 visits today)
(Visited 644 times, 1 visits today)
  • Transaction / Assets
    Project Symbol
  • Seller
    NBG
  • Buyer
    na
  • € MM

Elliott-Centerbridge and Fortress bid for NBG’s Project Symbol

At least two binding bids were submitted to the National Bank of Greece for Project Symbol, a RE secured NPL Portfolio.

Fortress and Centerbridge–Elliott joint venture are reportedly bidding for Project Symbol. It is also said that Ellington Management Group has submitted an offer. The bids reach 20% to 25% of the outstanding capital (€0.95 billion), significantly lower than same type portfolios (Amoeba, Jupiter) reached last year.

Project Symbol consists of approximately 13.000 SME loans secured by 7.900 RE assets. According to the market experts, it is not an easy portfolio to service. It demands effort and expertise. Meanwhile, the big equity funds are mostly interested in the mega-deals coming up by Eurobank and Piraeus Bank.


(Visited 644 times, 1 visits today)

Read more:
Banks concerned for new wave of NPLs

Even though the Greek Ministry of Finance is speeding up the procedures for the activation of the Hercules SPV to...

Close