ECONOMY

DoValue Greece to take over management of Project Neptune

DoValue Greece to take over management of Project Neptune

Credit servicer doValue Greece, a subsidiary of Italy’s biggest debt recovery firm doValue, said on Tuesday it was awarded a new loan servicing mandate for a 500-million-euro bad loan portfolio named Project Neptune.

The portfolio comprises small and medium-size business loans secured against real estate.

In 2020, an entity affiliated with funds managed by Fortress Investment Group bought the portfolio from Alpha Bank, one of Greece’s four biggest lenders, with a gross book value of about €1.1 billion.

Fortress assigned transitional servicing to Greek loan servicing company Cepal.

DoValue will assume the servicing of about 50% of the initial portfolio comprising small businesses’ nonperforming loans secured against real estate assets in Greece.

Last October, doValue agreed a deal with National Bank, one of Greece’s largest lenders by assets, to service a €5.7 billion bad loan portfolio. [Reuters]