Securitization of portfolios of non-performing loans/credits
Attica Bank S.A. informs investors that, pursuant to the resolution of the Board of Directors meeting of 30th November 2020, the Bank proceeded on Friday, 18th December 2020, to the securitization and transfer of two portfolios of non-performing loans.
In particular, the Bank pursuant to Law 3156/2003:
i) Transferred a portfolio of non-performing corporate loans/credits of a total amount of approx. €340.8 million to a special purpose vehicle (SPV) under the name “Astir NPL Finance 2020-1 Designated Activity Company» based in Ireland. Furthermore, the SPV issued and transferred to the Bank a Class A bond of nominal value of €159,000,000 (Senior Note), a Class B bond of nominal value €1,806,000 million (Mezzanine Note) and a Class C bond (Junior Note) of nominal value of €180,000,000. The bonds derive from the securitization of the above loan portfolio, in accordance with the provisions of Law 3156/2003, and are secured by a legal pledge on the transferred loans/credits.
ii) Transferred a portfolio of non-performing retail loans/credits of a total amount of approx. €371.2 million to a special purpose vehicle (SPV) under the name “Astir NPL Finance 2020-2 Designated Activity Company» based in Ireland. Furthermore, the SPV issued and transferred to the Bank a Class A bond of nominal value of €190,000,000 (Senior Note), a Class B bond of nominal value €104,921,000 million (Mezzanine Note) and a Class C bond (Junior Note) of nominal value of €76,372,000. The bonds derive from the securitization of the above loan portfolio, in accordance with the provisions of Law 3156/2003, and are secured by a legal pledge on the transferred loans/credits.
iii) The management of the above-mentioned portfolio has been assigned – with the relevant contracts with the SPVs- the company “QQUANT MASTER SERVICER” LOANS AND CREDITS MANAGEMENT LIABILITY COMPANY.
APS: International Expertise Assisting Cyprus and Greece Tackling Non-Performing Loans
The contribution of APS Holdings in Cyprus and Greece’s efforts to combat the problem of non-performing loans has been proven to be instrumental.
APS Holding is one of the largest debt servicing companies in Europe. It operates in 16 countries and employs over 1,000 professionals. The nominal value of the managed portfolios exceeds €8 billion.
The company expanded to Cyprus through a joint venture with Hellenic Bank, founding APS Debt Servicing Cyprus in July 2017. APS Holding owns 51% majority of the company, Hellenic Bank holds the remaining 49%.
APS Debt Servicing Cyprus undertook the management of Hellenic Bank’s non-performing loans portfolio estimated at about €2.3 billion, and of real estate assets worth €150 million. Moreover, APS Debt Servicing is managing the unsecured retail loans that APS Loan Management Ltd acquired from the Bank of Cyprus, worth €245m.
APS Debt Servicing Cyprus is led by the Regional Head of APS Holding in Greece & Cyprus, Ms. Magdalena Rotaru, who stated that the establishment of APS Debt Servicing Cyprus marks the launching of the first distressed debt platform in Cyprus.
Ms. Rotaru added that APS Debt Servicing Cyprus operations have been successful, and that the company has met all the targets. The company’s specialized and experienced professionals, as well as the international standards of operation and structure are among the company’s competitive advantages.
Since 2018, APS Holdings has been operating in the Greek market as well. In collaboration with IFC, EBRD and Balbec Capital, APS has purchased 120.000 customers’ consumer loans, worth €2.3 billion, from Piraeus Bank.
APS Greece is currently the major portfolio servicer with 40 employees and a number of collaborating law firms. The company has vast expansion opportunities in Greece, and can offer efficient services with solid results for both its investors and the debtors.