National Bank of Greece (“NBG”) announces that it has entered into a definitive agreement with CarVal Investors (“Investor”), for the disposal of a portfolio of unsecured non-performing portfolio of credit cards, consumer loans, small business loans (“SBL”) and small & medium enterprises loans (“SME”) with total principal amount of c. €1.2 billion (Project Mirror).
The transaction is being implemented in the context of NBG’s NPE Strategy and Operational Targets, as submitted to the Single Supervisory Mechanism (“SSM”).
The servicing of the portfolio will be appointed, by the Investor, to QQuant Master Servicer which has been licensed and is regulated by the Bank of Greece under Law 4354/2015.
The consideration of the transaction amounts to more than 9% of the principal portfolio amount and is capital accretive to NBG (based on Q1 2019 CET 1 ratio).
Alantra is acting as financial advisor while Karatzas & Partners as external legal counsel to NBG.
