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.