National Bank of Greece (“NBG”) announces that it has entered into sale and purchase agreements with certain funds advised by Cross Ocean Partners (the “Ιnvestors”), for the transfer of a portfolio of shipping loans of a total size of 262 m Euros. The transaction is being implemented in the context of NBG’s NPE reduction Strategy.
Τhe Investors are expected to assign the servicing of the above portfolio to QQuant Master Servicer S.A which has been licensed by the Bank of Greece under Law 4354/2015.
The consideration of the transaction is approximately 50% of the portfolio’s on balance-sheet amount (cut off date 30.6.2019) and has a marginal impact on NBG Group’s capital (based on Q3 2019 CET 1 ratio).
Nat West Markets is acting as financial advisor while Watson Farley & Williams as external legal counsel to NBG.
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