Restructured loans return to Piraeus Bank
Piraeus Bank last year had up to 300 million euros’ worth of restructured loans returned to it from Intrum Hellas, the company that has undertaken the management of the all of the lender’s bad loans through their exclusive cooperation.
These are loans Piraeus had transferred to Intrum for management; after they were rearranged and inspected regarding adherence to the payment plans, they have been returned to the bank as serviced loans. This practice, according to Intrum head Giorgos Georgakopoulos, is expected to continue in the coming years as the restructurings the company has implemented are gradually maturing and leading to the streamlining of the portfolios it has undertaken to manage.
Besides returning the loans it manages for Piraeus, the strategy of funds such as the Swedish Intrum group that owns 80% of Intrum Hellas also provides for the resale of portfolios to the banks that had sold them (not just conceded for management) and may repurchase them after those bad loans have passed the servicing test, or even to other entities.
Intrum Hellas manages a sum of obligations that add up to €50 billion.
