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Alpha Bank

Greek Alpha Bank offloads 2.5 billion EUR of non-performing loans

Greek banks continue the process of “clearing” their portfolios of non-performing loans, and Alpha Bank has made another step in this respect. The financial institution announced it is looking for a buyer of private and small corporate customers debt with a 5 to 7 year delay in payments, with a total package amount of 2.5 billion EUR.

This is the second big deal for the sale of such a portfolio after that of Eurobank for 1.5 billion EUR, announced in October.

According to the information the total share of the non-performed loans under sale of Alpha Bank, include 65% of the loans to private customers, 8% are credit cards and 27% to small businesses. Altogether, it is about 240,000 debts to 156,000 debtors. This means that there are debtors with between 2 and 3 loans in the package.

Under the project, the financial institution works with KPMG, the initial information being of serious interest in the portfolio.

By 2019, the Greek banks are expected to release 11.5 billion EUR of non-performing debt. The four systemic financial institutions have already planned the sale of portfolios for a total of 9 billion EUR in the next.

About Orsolya Harkai

Orsolya Harkai is 24 year-old girl from Finland. She is writer and journalist in Finance Apprise Journal, who will present you latest economy and stock exchange news, mostly from Europe, Asia and North America.

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