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NBG announced NPL sale deal in Cyprus and Romania, to Bain Capital

NBG announced the agreement for the sale of an NPL portfolio in Cyprus with a book value of €325 m to Bain. Bain will purchase CAC Coral Ltd, a subsidiary of NBG where the bank has transferred all its NPLs in Cyprus of about €400 m.

The bank is also close to signing a SPA deal with Bain for the sale of the bank’s NPL portfolio in Romania. Bain will buy a portfolio of Romanian bad loans with a debt capital of €200-300 m and a net book value of €29 m.

The negotiations for the extended deal started last April. The first part of the transaction was the Icon portfolio.

Alantra Corporate Portfolio Advisors International Ltd acted as the NBG’s financial advisor in the transaction, while the law firms Milbank LLP and Chrysafinis & Polyviou LLC acted as legal advisors and Deloitte Greece as the sales and accounting consultant.

With the signing of a binding agreement, NBG will complete all the pending sales of pre-pandemic portfolios, launching the Frontier securitization in November.

The portfolio includes about 200 thousand NPLs by 90 thousand borrowers. The gross book value is over €6 bn, of which over € 5.5 m of these, are mortgages.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis