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Piraeus Bank SA announces that it has concluded an agreement with APS Investments S.a.r.l. concerning the sale and transfer of an unmanaged portfolio consisting of unsecured consumer loans terminated and credit card debt of a total amount of 2,238 million euros or 385 million euros. Gross book value (respectively "Transaction" and "Portfolio")
Closing of the transaction is subject to customary conditions, including supervisory and other approvals by the relevant supervisory authorities in Greece , and the consensus of the Financial Stability Fund
The price of the transaction is 5% of the portfolio of 1 billion euros. The effect of the Transaction on CET-1 of March 31, 2018 is expected to be positive by 4 basis points while reducing by 30 basis points the NPEs of the Bank
In simple terms, for the unpaid balance of 1 billion euros from unsecured consumer loans and unsecured credit card debt, Piraeus Bank will receive from APS Investments Sarl payment of 50 million euros
At the end of the transaction, Piraeus Bank will retain no control over the portfolio service nor bear the badociated risks and benefits
"Today we announce the second agreement for the sale of non-performing Piraeus Bank 2018, shortly after the agreement to sell a secure business portfolio a month ago.Our efforts to reduce the stock of non-performing exhibits have been intensified and we are very pleased that the two recent agreements a positive impact on our results and our regulatory capital, "said Christos Megalou, CEO of the group.
"We, APS, are happy to be in agreement with another historic project in the region.Great is the fifteenth market we cover and we are firmly committed to our commitment to time, know-how and resources at this great opportunity.We believe that Greece will be one of our main markets, "said Martin Manchon, CEO and Chief of APS.
Ernst & Young is the exclusive financial advisor to Piraeus Bank for the transaction White & Case acts as international legal adviser and Koutalidis Law Firm as legal adviser of Piraeus Bank for the Transaction
APS was supported in the transaction by the following consultants: Dentons Europe LLP, law firm Machas & Partners, Sioufas & Partner Law Firm and Cepal Hellas Financial Services SA
Source: www.newmoney.gr [19659007]! Function (f, b, e, v, n, t, s)
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