Greece’s National Bank sells impaired shipping loans to funds

//Greece’s National Bank sells impaired shipping loans to funds

Greece’s National Bank sells impaired shipping loans to funds

National Bank (NBG) has signed deals to sell a 262 million euro ($288.78 million) portfolio of shipping loans to investment funds as part of its effort to reduce its load of soured credit, Greece’s second-largest lender said.

The bank said it sold the loans for about 50% of their outstanding balance as of end June 2019. The transaction will have a marginal impact on its Core Tier 1 capital ratio.

NBG said Cross Ocean Partners advised the funds buying the loans which will be serviced by QQuant Master Servicer, a firm licenced by the Bank of Greece.

NatWest Markets advised National Bank on the sale.

Source: Hellenic Shipping News.

By | 2019-12-02T10:40:19+00:00 December 2nd, 2019|News|0 Comments

Login


Username
Create an Account!
Password
Forgot Password? (close)

Create an Account!


Username
Email
Password
Confirm Password
Want to Login? (close)

forgot password?


Username or Email
(close)