Agreement for transfer of a non-performing exposures’ portfolio amounting to €0.25 bn gross book value (Project Imola)
Piraeus Financial Holdings S.A. (“Piraeus”) announces that its subsidiary Piraeus Bank S.A. has entered into an agreement for the transfer of non-performing exposures (the “Portfolio”) by way of securitization, pursuant to Article 10 of Law 3156/2003 (the “Transaction”).
The Portfolio, classified as held for sale as at 31 December 2024, consists of corporate and retail loans, including bond loans and other receivables, with a total gross book value of approximately €0.25 bn, as recorded on 30 September 2024.
The PnL impact from the Transaction and its derecognition and the impact from the RWA relief associated with the Portfolio has already been incorporated in the 30 June 2025 pro forma total capital ratio of Piraeus Financial Holdings.
The notes issued in the context of the securitization, were acquired by an affiliate of the investment manager, Waterwheel Capital Management, LP. The servicing of the Portfolio was assigned to Cepal Hellas AEDADP, a credit servicer licensed by the Bank of Greece.
This Transaction is part of Piraeus Bank’s strategic plan for the active management of non-performing exposures.
Athens, 27 October 2025