Piraeus Bank is looking to rapidly implement its balance sheet consolidation program, which is accompanied by capital increase measures. Therefore, it prepares its third NPL securitisation in 12 months.
More specifically, Piraeus Bank prepares project Sunrise, a securitisation with a gross book value of €7.2 bn, which will be included in the state guarantee program “Hercules II”.
Not long ago, Piraeus Bank and Intrum Hellas announced the purchase by Intrum of 30% of the mezzanine notes of the NPL securitisation with a gross book value of about €4.9 bn (project Vega ).
Following project Sunrise, the bank plans one more NPL securitisation, of shipping loans this time, with a gross book value of approximately €3.4 bn. It is also looking to sell portfolios and individual loans.
The consolidation program is expected to be completed by the first quarter of 2022. The bank’s stock of NPEs is expected to decline to €3.5 bn, plus whatever comes from the pandemic.
Orginal Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis