Eurobank Ergasias has entered into an agreement with the consortium of B2Holding ASA and Waterfall Asset Management, to sell a non-performing loan portfolio of total unpaid principal c. €1.1 bln (of which c. €1 bln is on balance sheet) and of total face value from ancillary charges of €2 bln. The portfolio consists of unsecured consumer loans. The servicing of the portfolio will remain with Financial Planning Services (FPS), which is the 100% owned by Eurobank licensed NPL servicer. The servicing will take place in cooperation with the licensed company B2Kapital S.A.
The transaction is part of Eurobank's 2018 NPE plan reduction and will be concluded within Q4 2018. The consideration is c.6% in terms of total unpaid principal. The transaction will be P&L and capital neutral.
Advisors to Eurobank were BlackRock and Papadimitriou law firm.