National Bank of Greece to sell 1.2 bln euros of bad loans

2 August 2019
467 Views

National Bank of Greece has agreed to sell 1.2 billion euros ($1.33 billion) of unsecured non-performing loans to asset manager CarVal Investors as part of efforts to clean up its balance sheet.

“The price of the transaction was above 9 percent of the unpaid principal,” National Bank said on Thursday.

The management of Greece’s second largest bank wants to reduce its non-performing loan portfolio to around 5% of total loans by 2022, from 41% at the end of 2018.

Bad loans are the biggest challenge facing Greek banks, the legacy of the debt crisis that hit the country’s economy. ($1 = 0.9042 euros) (Reporting by Lefteris Papadimas. Editing by Jane Merriman)

Source: Reuters

You may be interested

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!
GREECE
shares6 views
GREECE
shares6 views

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!

Panos - Jan 27, 2021

Alexander the Great‘s ‘lost city’ was a magical place where people drank wine and naked philosophers imparted wisdom, ancient accounts…

Hidden Masonic links to the legendary treasure of Oak island
GREECE
shares5 views
GREECE
shares5 views

Hidden Masonic links to the legendary treasure of Oak island

Panos - Jan 27, 2021

According to legend, a young man named McGinnis was wandering Oak Island, an island in the Mahone Bay off the…

Explore the “Lovers’ Cave” half an hour from Athens
GREECE
shares12 views
GREECE
shares12 views

Explore the “Lovers’ Cave” half an hour from Athens

Panos - Jan 27, 2021

Attica has tens of incredibly beautiful beaches along its coastline that will satisfy even the most demanding nature lover and…

Leave a Comment

Your email address will not be published.