EY Hellas recently acted as a financial advisor to Piraeus Bank in the sale of a non-performing loan portfolio to a subsidiary of a global fund management company.
The portfolio, with a gross book value of € 400 million, consists – mainly – of non-performing maritime loans, with the agreed transaction price amounting to approximately 53% of the gross book value of the portfolio.
The non-performing loan support team of the Department of Corporate Strategy and Transactions of EY Greece – which has many years of experience in completing similar projects – in collaboration with an EY team from the United Kingdom, specializing in the shipping industry, assisted in the implementation of the transaction. .
This is one of the largest sales of maritime loan portfolios that has been implemented in Greece in recent years.
Commenting on EY’s contribution to the sale agreement, o Mr. Tassos Iosisfidis, Partner and Head of the Department of Corporate Strategy and Transactions of EY Greecesaid: “We are particularly proud of our participation in a transaction that is considered crucial for the consolidation of the country’s banking sector from non-performing liabilities. However, the combined specialization and professionalism shown by the parties involved, and the use of the favorable conditions prevailing in the Greek shipping industry, made it possible to achieve the maximization of the sale price. which made this agreement possible “.
Source: Capital
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