Alpha Bank signed an agreement with its union on Monday for the transfer of about 800 of its employees to asset management subsidiary Cepal.
They will be added to the 300 staff already employed at Cepal, which will be sold to the investor who wins the tender for the Galaxy loan portfolio worth 10.8 billion euros.
According to Alpha’s strategic planning, the binding offers by candidate investors will be submitted in mid-October and the transfer of the portfolio and the stake of up to 80% of Cepal will be completed by the end of the year.
The short list drafted for the final stage of the process includes US companies Pimco and Davidson Kempner, and Italian corporations Cerved and Credito Fondiario.
After Galaxy’s concession, Alpha’s bad-loan ratio in Greece will decline to 13% and the nonperforming exposure ratio will drop to 24%.