June 4th, 2019

Greece: Piraeus Bank enters into strategic alliance with Intrum for the management of €28bil NPEs & REOs

On June 3rd, Piraeus Bank S.A. announced a strategic partnership with the Swedish credit management services provider, Intrum for the management of about €27bil Non Performing Exposures (NPEs) and about €1bil Real Estate Owned Assets (REOs), both currently owned by the bank. The NPEs and REOs will be managed through the establishment of an independent non-performing assets servicing platform in Greece.

According to the agreement, the servicing platform will include a new servicer company to manage the NPEs and another to manage the REO’s. Intrum will hold 80% of each company and rest 20% will be held by Piraeus Bank. The platform is valued at €410mn and the total purchase price for Ιntrum’s acquisition has been agreed at €328mn. The initial term of the contract will be for ten years.

The Transaction is contingent on customary conditions, regulatory approvals and the consent of the Hellenic Financial Stability Fund (HFSF).

Sigma Catalyst Partners

5 Valaoritou Str. Athens - Chalandri 15232 - GREECE
Tel.: +30 210 68 52 411, Fax: 211 017 33 88
office[at]sigmacatalyst.gr

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