BUSINESS

Alpha seals deal to sell bad-debt loan portfolio

TAGS: Banking, Finance

Alpha Bank, Greece’s fourth-largest lender, has agreed to sell a portfolio of bad loans worth 1.1 billion euros to Poseidon Financial Investor DAC, an entity financed by funds managed by US investment manager Fortress Group affiliates, it said on Wednesday.

Three sources familiar with the matter told Reuters last month that Alpha Bank was close to finalizing the deal.

The sale is part of Alpha’s efforts to offload bad debt and clean up its balance sheet as Greek banks revive plans to divest nonperforming loans after the disruption caused by the coronavirus outbreak.

The transaction is likely to conclude in this quarter, Alpha Bank said.

[Reuters]

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