National Bank of Greece completes the disposal of a non-performing secured corporate loan portfolio (Project Icon)
Following relevant announcement on June 5th, 2020, National Bank of Greece (“NBG”) informs investors that it has completed the disposal of a non-performing, predominantly secured, corporate loan portfolio with total principal amount of c. €1.6 billion to the Investment Firm Bain Capital Credit (“Bain Capital”).
Morgan Stanley & Co. International plc acted as financial advisor, Karatzas & Partners and Milbank LLP as local and international external legal counsel respectively and Deloitte Greece as transaction and accounting advisor to NBG.
National Bank of Greece completes the disposal of its first secured non-performing loan portfolio (Project Symbol)
Following relevant announcement on July 29, 2019, National Bank of Greece informs investors that it completed the disposal of its first secured non-performing portfolio of small Business Lending and Small & Medium Enterprises loans with total principal amount of c. €0.9 billion (Project Symbol) to Symbol Investment NPLCO DAC (a company jointly owned by funds managed by Centerbridge Partners, LLP and Elliott Advisors (UK) Limited).
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 Q3 2019 CET 1 ratio).
Morgan Stanley acted as financial advisor while Karatzas & Partners and Milbank LLP as local and international external legal counsel respectively to NBG.
National Bank of Greece sells its second unsecured non-performing loan portfolio (Project Mirror) to CarVal Investors
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.