BUSINESS

Italian group enters Greek NPLs market

EVGENIA TZORTZI

TAGS: Banking

One of the biggest surveying service suppliers and nonperforming loan management companies, Italian group Cerved, is entering the Greek market after obtaining the necessary licenses for managing NPLs from the Bank of Greece and acquiring Eurobank’s subsidiary, Eurobank Property Services (EPS).

The agreement between Eurobank and Cerved regarding the transfer of EPS to the Italian group is expected to be announced within the next few days and is the outcome of months of negotiations, extended further due to the Eurobank move to merge with Grivalia Properties – which led to changes in the conditions of the deal with Cerved.

On Wednesday the central bank published its decision to issue a license to the subsidiary that the Cerved group has created in Greece, reflecting the broader interest seen in the NPL management market, and particularly in the loans secured on properties, which are expected to become very popular among NPL buyers in the next few months.

EPS is one of the biggest real estate companies in Greece and Southeastern Europe, as it is also active in Romania, Bulgaria and Serbia.

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