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Piraeus Bank teams with Intrum to service €27 bn NPEs

Piraeus Bank announced on Monday it teamed up with Intrum to set up a platform to service its 27-billion-euro bad-loan portfolio.

The value of the new platform was estimated at 410 million euros. Intrum will pay 328 million euros to acquire 80 percent, and Piraeus Bank will hold 20 percent. Piraeus and Intrum will close the transaction on October 1.

The new platform would also manage NPLs of third parties. A second company will be formed to manage its 1-billion-euro real estate assets.

Piraeus Bank management team said it is on target to meet its 2019 target for reducing NPLs of 3.5 billion euros and that the sale of its bad loans portfolios of 1.2 billion euros gross book value would be concluded soon.