Business

Hellenic Bank completes sale of NPLs of €144m to B2Kapital Cyprus

Hellenic Bank said on Wednesday that it has completed the sale of a non-performing loan portfolio of predominantly non-retail secured and unsecured exposures to B2Kapital Cyprus Ltd.

B2KapitalCyprus Ltd, a company licensed by the Central Bank of Cyprus to operate as a credit acquiring company, is a wholly owned subsidiary of B2Holding ASA, a Norwegian corporation listed on the Oslo Stock Exchange.

The transaction is part of the Bank’s strategy for reducing its non-performing loans and is at arm’s length. The gross contractual outstanding balance of the assets sold is €144m comprising of 1,082 borrowers and 1,809 facilities. It  is not expected to have a material impact on the income statement and capital position of the Bank due to existing provisions taken
against these assets.

Hellenic Bank said the transaction is consistent with its strategy of “fixing” the balance sheet and at the same time it is in line with the European Central Bank and International Monetary Fund guidelines on the management of non-performing
loans. In addition to organic reduction of the problematic portfolio, Hellenic said it remained focused on acceleratingthe de-risking of its non-performing exposures.

Β2Kapital Cyprus Ltd will contact the affected customers and their respective guarantors / security providers, in accordance with applicable laws, it added.

Might be of interest

Now in Cyprus: the New Volvo XC40, The European Car of the Year 2018 has just arrived!

weekbest

Approximately one million people acquire citizenship of an EU member state in 2016

weekbest

House plenary moved to Sunday; guarantees and NPLs on agenda

weekbest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More