Piraeus Bank chief executive Christos Megalou has given the order to top officials to speed up procedures concerning two securitizations that had been planned ahead of the pandemic (project Phoenix and project Vega), according to sources.
In the context of the hive down process, the bank will make all the necessary preparations for the securitization of non-performing exposures (NPEs) with a book value pre provisions of 7 billion euros via the Phoenix (2 billion euros) and Vega (5 billion euros) portfolios.
Piraeus proceeds with a 7 billion euros securitization project.
Ssecuritizations are on track to be included in Greece’s Hercules Asset Protection Scheme.