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NBG and Bain Capital agreed on a new price for the ICON portfolio

The National Bank of Greece and Bain Capital are about to sign an agreement for the sale of the Icon portfolio (loans of small or medium-sized enterprises that are either denounced or in deep delays).

The bank accepted Bain’s review of the offer, due to the Covid-19 pandemic. Thus, it will receive a reduced (reportedly the price is 30% lower than the initial offer) price. The bank can collect the 30% it now loses because of the coronavirus in the future if specific recovery-out schemes are achieved.

The portfolio consists of 7,300 loans from 1,500 enterprises. The amount due is €1.52 bn and the bank’s total demand is €2.5 bn.

The loans have mortgage notes on about 6,000 properties, worth €1.1 bn . Commercial and industrial properties are valued by the bank at €800 m. 27% of the mortgage-note properties  are located in Athens and another 23% in Northern Greece.

Original Source: Euro2day

Adaptation/Summary: Kiki Athanasiadis

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