National Bank of Greece : sells its second unsecured non-performing loan portfolio (Project Mirror) to CarVal Investors
August 01, 2019 at 12:05 pm EDT
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National Bank of Greece ('NBG') announces that it has entered into a definitive agreement with CarVal Investors ('Investor'), for the disposal of a portfolio of unsecured non-performing portfolio of credit cards, consumer loans, small business loans ('SBL') and small & medium enterprises loans ('SME') with total principal amount of c. €1.2 billion (Project Mirror). The transaction is being implemented in the context of NBG's NPE Strategy and Operational Targets, as submitted to the Single Supervisory Mechanism ('SSM').
The servicing of the portfolio will be appointed, by the Investor, to QQuant Master Servicer which has been licensed and is regulated by the Bank of Greece under Law 4354/2015.
The consideration of the transaction amounts to more than 9% of the principal portfolio amount and is capital accretive to NBG (based on Q1 2019 CET 1 ratio).
Alantra is acting as financial advisor while Karatzas & Partners as external legal counsel to NBG.
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National Bank of Greece SA published this content on 01 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2019 16:04:06 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 S.A. 
