the insider’s guide

Icon Project purchased by Bain Capital on the way to being managed by FPS

The management of a 1.6 billion euro business loan portfolio Bain Capital acquired from National Bank of Greece (NBG) last week is expected to go to FPS. Bain Capital's equity ties with the Italian group doValue, which recently acquired FPS from Eurobank, do not leave much room for the portfolio to be claimed by any other servicer.

National Bank of Greece sells ICON to Bain Capital for €337 million

National Bank of Greece announced that it has reached agreement to sell a non-performing secured corporate loan portfolio (Project Icon).

do Value buys 80% of FPS for €211 million,

Deal in line with the agreement announced in December 2019. Exclusivity on Eurobank future NPE production extended to 14 years.

Crucial meeting between Piraeus Bank-Comer group on MIG loans

Market talk has been growing that the management of Piraeus Bank will have a crucial meeting with Ireland's Comer Group regarding the sale of MIG loans.

Inrtrum: Covid-19 has resulted in a decline in financial wellbeing – rising bills and debt are concerns

In Greece 67% of the consumers say their financial wellbeing has declined compared to six months ago. Intrum published a whitepaper that outlines the financial impact of Covid-19 on private households across 24 European countries.

National Bank works on 6 bln euro mortgage loan securitization

The bank is looking ahead and now basic planning includes the securitization of housing loans worth more than 6 billion euros, taking advantage of the Hercules program.

Government and creditors battle it out over bankruptcy code, first home loan subsidy

Debtors who go bankrupt are not left homeless. In this context, the government is proposing the establishment of a public body that will acquire the first homes of debtors who go bankrupt and rent the property back to them, allowing them to continue living in the home for a fee..

From the Jupiter portfolio to going up for sale amidst pandemic

The boutique hotel in Thessaloniki, which used to operate as "Zaliki Boutique Hotel", had fallen into the hands of Alpha Bank and then included in the Jupiter portfolio. The hotel is now for sale for 1.8 million euros .

FF Group, state search for hidden assets from Koutsoulioutsou family

After the auction of the luxurious yacht belonging to the Koutsoulioutsou family, the new management of Follie Follie and the Greek State, is looking for the family's hidden assets in order to cover liabilities and secure liquidity.

Pandemic spurs 6-7 bln euros of bad debt

Bad debt created by the coronavirus pandemic is expected to be in the range of 6 to 7 billion euros,  confirming optimistic scenarios put forth by the management of Greek banks.

• Reuters: ECB prepares ‘bad bank’ plan for wave of coronavirus toxic debt

• Eurobank leads the pack in Greece on battle with bad debts

• Intertrust Group: Distressed Funds Set to Flourish in Post-COVID World

• Pace picks up on Greece’s bad debt market

• Talks continue between Piraeus Bank-Comer Group on MIG loans

• ECB has bought EUR4.7bn Greek bonds so far under Pandemic QE

• Greece’s economic sentiment continued falling in May

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