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Alpha bank agrees sale of ban loan portfolio

Alpha Bank is one of Greece’s four biggest lenders. It entered into a binding agreement with Hoist Finance AB to sell non-performing loans with a book value of 1.3 billion euros ($1.47 billion). In a press the bank said that, the Orbit portfolio relates to retail unsecured non-performing loans with the sale expected to be completed in the first quarter of 2022.

Also, the bank stated that the transaction has been agreed at 108 million euros or 7.4% of total unpaid principal balance. Greek banks have been working to reduce a pile of about 30 billion euros in bad loans. Which is a legacy of a decade-long financial crisis which shrank Greece’s output by a quarter. The transaction is the third after the securitisation of Galaxy and Cosmos portfolios. Alpha Bank‘s non-performing exposures is expected to be reduced by 2.3 percentage points.

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