Alpha Bank Says It Is Accelerating Project Galaxy Securitization

The bank announced today that is  proceeding with the acquisition
of full ownership of Cepal…
* As part of project Galaxy, Alpha Bank will subsequently dispose as much as 100% of Cepal’s shares to international investors, to create the largest and most scalable independent servicer in the Greek market
* The project entails a large securitization of NPEs around EU10b and the creation of New Cepal which will undertake the servicing of the securitization, Alpha Bank’s remaining NPEs as
well as portfolios owned by international investors
* Cepal will continue to provide top quality servicing to its investor clients and continue to originate new servicing
business during this period

* Richard Langstaff, Cepal’s founder, and CEO, announced earlier today that he intends to step down from his position, effective July 1st, 2020
* On the same date Mr. Theodore Athanassopoulos, currently Alpha Bank’s Executive General Manager in charge of wholesale NPEs will become CEPAL’s new CEO

* Artemios Theodoridis, currently Alpha Bank’s General Manager for NPE management and Treasury will become New Cepal’s Executive Chairman, upon completion of the carve-out

* Theodoridis is already responsible for the carve-out and
integration project, making sure that the significant strengths
of both organizations will be combined in a productive way

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