ECONOMY

National Bank to sell three soured loans portfolios this year, says CEO

national-bank-to-sell-three-soured-loans-portfolios-this-year-says-ceo

Greece’s second-largest lender National Bank (NBG) will sell three portfolios of non-performing loans this year, its chief executive said on Friday.

Presenting the bank’s 2019-2022 strategy, Chief Executive Officer Pavlos Mylonas told reporters that the bank plans to securitize about 3 billion euros ($3.35 billion) of soured loans in the next four years.

Soured loans are the biggest challenge facing Greek banks, the legacy of a multi-year debt crisis that shrank the country’s economy by a quarter and drove unemployment to a high of nearly 28 percent in 2013. [Reuters]