ECONOMY

Four suitors interested in MIG loans

Four suitors interested in MIG loans

At least four groups appear to be interested in the acquisition of Piraeus Bank’s loans to Marfin Investment Group (MIG), which add up to almost 550 million euros.

Sources say that the already known suitors Emma Capital and Comer Group have been joined by a foreign private investment fund, as well as another vehicle belonging to the United Arab Emirates’ state investment fund.

Piraeus is said to deem that the right conditions are now in place for the launch of a tender process for those loans, and decisions to that effect will be made soon, even though international economic conditions due to the coronavirus may delay the procedure for the time being.

UBS has undertaken to examine the investment interest and consider the alternative models this process could have, and the messages it has passed on to Piraeus Bank are very encouraging. It has contacted several investment funds, including Oak Hill, Farallon and Fortress.

It remains to be seen which funds will be invited to participate in the loan sale process and which will submit binding offers, but it is estimated there will be at least four.

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