Piraeus Bank: Sunrise II transaction completed

Piraeus Financial Holdings announced that after receiving all the necessary approvals, the securitization transaction of non-performing exposures of its subsidiary “Piraeus Bank SA” was completed. entitled “Sunrise II”, with a total gross book value of € 2.7 billion at the corresponding reporting date of the perimeter.

According to the announcement, Piraeus Financial Holdings transferred 44% to Intrum AB (publ) and 7% to Serengeti Opportunities Partners LP on the mezzanine notes of the securitization, which it had acquired through a group intercompany transaction.

Piraeus Bank will hold 5% of the intermediate and low repayment priority securities of Sunrise II securitization, in accordance with the securitization supervisory framework. In addition, Piraeus Bank will hold 100% of the high repayment priority bonds.

Piraeus Financial Holdings is considering distributing to its shareholders part or all of the remaining percentage of these bonds, subject to obtaining the required corporate and regulatory approvals.

The transaction capital increase is +50 basis points on the total capital adequacy ratio in September 2021 as a result of the easing of risk-weighted assets or +120 basis points cumulatively and with the impact of the Mayfair transaction as announced by Financial Holdings. December 20, 2021.

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Source From: Capital

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