National Bank of Greece : sells its first secured non-performing loan portfolio (Project Symbol) to a consortium of funds advised by affiliates of Centerbridge Partners, LLP and Elliott Advisors (UK) Limited
July 29, 2019 at 01:05 pm EDT
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National Bank of Greece ('NBG') announces that it has entered into a definite agreement with a consortium of funds advised by affiliates of Centerbridge Partners, LLP and funds advised by Elliott Advisors (UK) Limited ('Consortium') for the disposal of a portfolio of c. 12,800 secured non-performing small Business Lending and Small & Medium Enterprises loans (c. 8,300 properties distributed across Greece) with total principal amount of c. €0.9 billion. The transaction is being implemented in the context of NBG's NPE Strategy and Operational Targets as submitted to the Single Supervisory Mechanism.
After closing of the transaction, the Consortium is expected to assign the servicing of the portfolio to Cepal Hellas Financial Services S.A., which has been licensed by the Bank of Greece under Law 4354/2015.
The consideration of the transaction is equivalent to c. 28% of the principal amount of the portfolio and is capital accretive to NBG (based on Q1 2019 CET 1 ratio).
Morgan Stanley & Co. International plc is acting as financial advisor while Karatzas & Partners and Milbank LLP as local and international external legal counsel respectively to NBG.
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National Bank of Greece SA published this content on 29 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2019 17:04:06 UTC
National Bank of Greece SA is a Greece-based company, which provides a range of financial services. Its financial services include retail and commercial banking, asset management, brokerage, investment banking, insurance and real estate at a global level. The Group operates in Greece, Turkey, the United Kingdom, South East Europe (SEE) which includes Bulgaria, Romania, Albania, Serbia and Former Yugoslavian Republic of Macedonia (FYROM), Cyprus, Malta, Egypt and South Africa. The Bank operates through the following business segments: Retail Banking, Corporate and Investment Banking, Special Asset Unit (SAU), Global Markets and Asset Management, Insurance, International Banking Operations, Turkish Banking Operations, as well as Other that includes real estate management, hotel and warehousing businesses.
National Bank of Greece : sells its first secured non-performing loan portfolio (Project Symbol) to a consortium of funds advised by affiliates of Centerbridge Partners, LLP and Elliott Advisors (UK) Limited
NATIONAL BANK OF GREECE S.A. 
