BUSINESS

Attica to sell loan portfolio to a British group

EVGENIA TZORTZI

TAGS: Banking

The governing board of Attica Bank has accepted an offer from British financial group Aldridge EDC for a loan portfolio worth 1.3 billion euros.

The sale, which requires ratification by the bank’s general meeting, forms part of the strategy of Greece’s fifth-largest bank to cover 70 million euros in capital requirements.

The British group’s binding offer was submitted in a tender that saw the participation of seven bidders.

The loans will be securitized by transferring them from the bank to a special-purpose vehicle that will then issue two bonds.

Online