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.”