Alpha Bank proceeded with the binding agreement with Hoist Finance AB for the sale of a Portfolio of Non-Performing and Unsecured Loans with a gross book value of 238 million (Project Light). The total claims of Project Light, which consists mostly of consumer loans and small business loans, amount to 0.4 billion.
Fast-track sale
The sale process was completed in just one stage, following an invitation to interested investors to prepare and submit binding offers. The portfolio gathered lively interest while all parties involved contributed to the due diligence process.
Also, the offer submitted by Hoist, in terms of a percentage of the total claims of the portfolio, makes it the highest binding offer compared to previous corresponding transactions in the market.
With the closing of the “Light” transaction scheduled for Q4 2022, Alpha Bank is expected to non-organically de-leverage approximately 0.5% of Group-wide NPEs, thereby further contributing to maintaining the MEA Ratio in single digits .
Source: Capital
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