ECONOMY

Greece’s bad bank liquidator sells 1 bln euro loan portfolio to Intrum Hellas

greece-amp-8217-s-bad-bank-liquidator-sells-1-bln-euro-loan-portfolio-to-intrum-hellas

PQH, the liquidator for bad banks in Greece, has signed a deal to sell a 1 billion euro ($1.11 billion) portfolio of unsecured impaired loans to loan servicer Intrum Hellas, it said on Friday.

The deal was agreed at a price of 71.1 million euros, meaning PQH will receive 7 percent of the outstanding principal.

The portfolio comprises unsecured retail and small business soured loans. Morgan Stanley advised PQH on the deal.

Intrum Hellas was created last month as a joint venture of Greek lender Piraeus Bank and Swedish loan servicer Intrum.

It is the biggest independent servicer of non-performing loans and real estate assets in the Greek market, managing Piraeus Bank’s 26 billion euros of non-performing exposures (NPEs).

In comparison, Greece’s other 18 licensed credit servicers were handling a total of 17.5 billion euros of non-performing loans as of June this year.

[Reuters]