ECONOMY

Piraeus bank to securitize about 7 bln euros in NPEs this year

piraeus-bank-to-securitize-about-7-bln-euros-in-npes-this-year

Greek lender Piraeus Bank, the country’s largest lender by assets, said on Monday it plans to securitize roughly 7 billion euros of non-performing exposures (NPEs) in 2020.

Greek banks have been working to reduce a pile of sour credit of more than 70 billion euros ($77.32 billion), the legacy of a financial crisis that shrank the country’s economy by a quarter.

The bank said it aims at reducing its NPE ratio to 15 percent of its total loan book in 2022, from 49 percent last year.

[Reuters]