image credit: Pxhere

Alpha Bank finalises €10.8bn loan portfolio sale

February 23, 2021

The Greek bank is also offloading 80% of its loan services provider Cepal Holdings. It is expecting to reduce Alpha’s non-performing exposure, and non-performing loans, to 24% and 13% respectively.

Known as Galaxy, the portfolio sale is the second-largest securitisation of exposures since Monte dei Paschi offloaded its Sienna collection.

“This is a turning point for our bank as we are making a decisive step in dealing conclusively with the legacy asset quality issues from the long-lasting recession in Greece,” says Alpha CEO Vassilis Psaltis.

“We are proud to have managed to sign such a complex transaction in just eight months from launch.”

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