Piraeus Financial Holdings announced that its subsidiary, Piraeus Bank
SA, reached an agreement with a group of Davidson Kempner Capital Management group for the sale of a portfolio of non-performing maritime exposures (NPEs), with a gross book value of € 0.4 billion.
The agreed price of the Transaction amounts to approximately 53% of the gross book value of the portfolio. The transaction is subject to the usual terms and approvals and the consent of the Financial Stability Fund.
The transaction reduces the NPE index of the Piraeus Financial Holdings Group to ca 15% from 16% on September 30, 2021 and increases the NPEs coverage index to approximately 40%, from 39% previously.
The expected capital effect from the Transaction is around -20 bp. on the total capital adequacy ratio of Piraeus Financial Holdings on September 30, 2021. Taking into account the signed transactions Mayfair (announced on December 20, 2021) and Sunrise II (announced on December 27, 2021), the overall capital adequacy ratio of Piraeus Holdings will be more than 100 bp in relation to the index of 30 September 2021, excluding
organic capital production of the 4th quarter of 2021 and the expected impact of the Thalis transaction (separation of the activity of card acceptance services), which is expected to be completed within the 1st Quarter of 2022.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
.jpeg "Nature holidays: on a sailing boat to the Pontine Islands with WWF experts")
.jpg "Megan Fox and “compartmentalization”, the self-defense mechanism that was triggered after suffering violence")
