The NPL servicer of Piraeus Bank proceeds to ease the burden caused by the coronavirus crisis without bureaucratic procedures.
Without any bureaucracy or application, certificates and evidence, Intrum Hellas – which is by 20% owned by Piraeus Bank and services over €27 bn NPEs – is giving a 3-month grace period to all its borrowers (individuals and small/medium-sized companies) who had paid their installments by the end of February. All the borrowers have to do is make a phone call and ask for it.
The same strategy would apply to corporate clients as long as the installments were paid up to the end of February. Intrum Hellas management is willing to suspend the entire tranche (interest and capital) for three months.
The company, in cooperation with the management of Piraeus Bank, is preparing for massive loan restructurings that will be necessary after the quarantine expires.
Original Source: Euro2day
Adaptation/Summary: Kiki Athanasiadis