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Project Rafale by NBG to hit the market in September

A portfolio of reclaimed properties, worth €100 m will hit the market in September. Project Rafale is part of NBG’s plan to reduce its balance sheet from assets that do not generate income.

Reportedly the perimeter of the portfolio consists of properties acquired by the bank through auctions. The portfolio mainly includes residential properties (apartments and houses) throughout the country while it also includes commercial properties. The number and quality of commercial properties will determine the final value of the portfolio.

The tender process is expected to be completed by the end of the year. Reportedly Deloitte assumed the role of financial consultant.

NBG has the smallest portfolio of repossessed properties in relation to the rest of the systemic banks, which is why the bank had not proceeded to a sale of a large portfolio.

Moreover, NBG has not included the development of a portfolio of investment properties in its strategy, and it mostly aims to strengthen and diversify revenues. Therefore, it does not plan a move as the ones by Piraeus and Alpha Bank to sell/co-operate a portfolio of recovered properties.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis