Completion of the sale of shipping NPE portfolio amounting to €0.4bn gross book value (Project Dory)

Further to the announcement on 04 January 2022, Piraeus Financial Holdings S.A. has informed the investment community that its subsidiary Piraeus Bank S.A. has completed the sale of the shipping non-performing exposures (NPE) portfolio, “Project Dory”, amounting to €0.4bn gross book value (“The Transaction”), to an entity affiliated with Davidson Kempner Capital Management LP. The total agreed consideration of the Transaction reached €0.2bn, or 53% of the portfolio gross book value.

The Transaction was completed after receiving all the required approvals, as well as the consent of the Hellenic Financial Stability Fund.