(Visited 106 times, 1 visits today)
(Visited 106 times, 1 visits today)

NBG selects DoValue-led consortium as preferred bidder

The doValue, Bain Capital and Fortress consortium has been chosen by NBG as the preferred bidder in relation to Project Frontier for a short period of talks. NBG, Greece’s second-largest lender by assets, is looking to offload the portfolio of €6.1 bn NPLs. The purchase price amounts approximately at €160 m and corresponds to marginally over 35% of the nominal value of mezzanine notes.

In the final phase of the tender the two bidders were the doValue-Fortress-Bain Capital consortium and Intrum-Deva.

Upon completion of the transaction, NBG will proceed with the derecognition of the NPEs and thus will reduce its bad loans by 60% and bring its sour exposures ratio to 13%, namely at € 3.8 bn. The bank will launch another securitization of NPLs of €1.5 bn (Frontier II) by the end of next year, aiming to further reduce its NPL ratio.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis