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NBG: Fortress and Bain bidding for Project Icon
Bids are currently being submitted for the NBG portfolio with denounced or long overdue secured loans of SMEs (project Icon).
The investors looking to purchase the portfolio are the Bain-Elliott joint venture and Fortress.
The portfolio for sale includes 7,300 denounced loans or loans in late arrears of 1,500 small to medium-sized enterprises. The debt is €1.52 bn and the bank’s total claim is €2.5 bn.
The loans have mortgages on some 6,000 properties worth €1.1 bn. Commercial and industrial real estate properties (offices, shops, hotels, warehouses, industrial sites) are valued by the bank at €800 m. 27% of the mortgaged properties are located in Athens and another 23% in Macedonia, North Greece.
About 55% of businesses whose loans are for sale have stopped operating. The portfolio is divided in two sections. The first relates to loans of 137 small and medium-sized enterprises with a debt of €959 m and the other to loans of small and very small enterprises with a debt of €564 m.
With the successful completion of the Icon Project, NBG will significantly consolidate its portfolio of denounced SME loans.
NBG has by far the highest coverage ratio of NPEs in the category of very small businesses, reaching 77%.
Original Source: Euro2day
Translation/Adaptation: Kiki Athanasiadis