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