National Bank is considering broadening the scope of Icon sale to Bain, also including Romanian and Cypriot NPL portfolios. In the process, though, NBG may have to accept lower prices to dispose the portfolios.
The completion, albeit delayed, of planned securitizations and at the same time, continued restructuring of NPEs through the “Split & Settle” program are the two key parts of the strategy being implemented by the management of the National Bank of Greece.
Bain called for a revision of the terms on the Icon project agreement, proposing a price reduction in exchange for inserting an earn-out clause in the deal, which means that NBG participates in future profits from the management of the loans.