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Piraeus Bank sells NPL portfolio to Davidson Kempner
Piraeus Bank announced it reached a deal to sell a portfolio of non-performing shipping loans to Davidson Kempner.
The agreed price will be about 53% of the portfolio’s gross book value of €400 m . The sale of the portfolio, named project Dory, is subject to approval by the HFSF.
The transaction will reduce Piraeus Bank’s ratio of non-performing exposures to about 15% from 16% at the end of September 2021 and increase its NPE coverage ratio to about 40% from 39%.
The sale’s expected capital impact will be around minus 20 basis points versus the bank’s end-September total capital ratio.
Original Source: Euro2day.gr.
Adaptation/Summary: Kiki Athanasiadis