Piraeus Bank S.A. (“Piraeus” or the “Bank”) announces that it has reached an agreement with Intrum, as part of a consortium that they have formed with the European Bank of Reconstruction and Development (“EBRD”), for the sale of a portfolio (the “Iris” portfolio) of retail, SB and leasing Non-Performing Exposures (NPEs) (the “Transaction”).
The Iris portfolio consists of ca. 53k loans with total legal claim of €1.7bn and a gross book value of €0.7bn as at 28.02.2019 (the “Cut-Off Date”). Total consideration corresponds to c.6% of gross book value.
The transaction, has been part of Piraeus Bank’s focused and systematic actions, targeted to fulfil its NPE de-risking plan.
The Transaction is subject to the ordinary terms and approvals by the competent Greek authorities, including the consent of the Hellenic Financial Stability Fund.
Athens, 18 December 2020