the insider’s guide

Greece is taking a different path from Italy in bad loans securitization

Over the last two years, Italy has securitized €71.5 billion of debts, leading some to suggest the wave has already peaked. However, with GACS being extended until May of next year, it can still be a useful tool for offsetting bad debt.

Alpha Bank to restart Galaxy project next week

Bank post a net loss from continuing operations of 10.9 million euros versus net earnings of 5.4 million euros in the previous quarter, due to higher loan impairment provisions and weaker trading income.

Eurobank works on Cairo securitization, doValue deals

In mid-June, the bank will decide on the transfer of the securities to a Cypriot SPV and at the end of the month, the loans of the Cairo portfolio will be transferred from the Eurobank balance sheet. Shareholders will receive shares in the new SPV by the end of the summer after approving the transaction at a July 17 general assembly.

Pancreta Bank to launch tender for 780 million euros NPL sale

Pancreta Bank, the biggest co-operative bank in Greece, has launched a tender for the sale or securitization of a small portfolio of bad loans and the servicing of all the NPEs that will remain in its balance sheet. The major shareholder in Pancreta Bank is Lyctos Participations owning 21.49% of its share capital.

T. Panousis sees mergers to create stronger credit servicing firms

According to Tassos Panoussis of Eurobank FPS, there was a reduction in collections by servicers between March 15 and the end of April.

Piraeus Bank takes steps on key securitizations and hive down

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. 

Low profitabity of banks creates challenge in NPL resolution

During crises, NPLs typically follow an inverse U-shaped pattern. Only less than a fifth of banking crises avoid high NPL levels – which we define as NPLs exceeding 7% of total loans.

National Bank about to close Icon deal with Bain Capital after changes

The two sides are close to an agreement after having completed several changes to the initial terms and price of the deal. The US fund is pushing for a 30 percent cut in the initial price, while offering to add earn-out terms to the deal.

Pace picks up on Greece’s bad debt market

"We are closely monitoring international markets," a high-ranking bank official told NPL Confidential, "and now the horizon in front of us allows us to keep our mechanisms on high alert so that securitization projects can run as soon as conditions allow it. It is commonly accepted that this won't be too long".

Deal between banks – BC Partners finally achieved

Battle for the acquisition of Forthnet telecom's listed firm won by fund belonging to Nikos Stathopoulos.

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