National Bank is transferring its first portfolio of loans secured against property, named “Symbol,” to a consortium comprising Centerbridge Partners and Elliott Advisors for 250 million euros.
The lender announced that the price of the transaction comes to about 28 percent of the outstanding capital on the package’s loans, which stands at 900 million euros, and the sale forms part of NBG’s strategy for managing nonperforming exposures as submitted to the European Central Bank’s Single Supervisory Mechanism.
The Symbol package contains 2,800 nonperforming loans issued to small and medium-sized enterprises and professionals, with collateral that comes to a sum of 8,000 properties. After the transaction is completed the consortium will concede the management of the portfolio to Cepal Hellas Financial Services.
Symbol is the third portfolio of loans secured against properties that a Greek bank has conceded in the battle against bad loans. It follows the sale of the Amoeba package by Piraeus Bank, which is worth 1.4 billion euros, and the Jupiter portfolio by Alpha Bank (800 million). Eurobank and Piraeus intend to concede two new portfolios within 2019.