Piraeus Bank announces that its subsidiary Piraeus Bank Belgrade
(PBB) has reached an agreement for the sale of a pool of loans
of 47 local Corporate and SME nonperforming borrowers with an
outstanding balance of €43mn. The sale is part of the Bank's
focused implementation on its Restructuring Plan. Final closing
of the transaction will occur upon the regulatory approval of
the National Bank of Serbia.
This sale will have a significant positive impact on PBB NPL
ratio (down by 8ppts to 17%), as well as a reversal of
provisions of €2mn.
For Piraeus Group, this sale follows on the sales of loan
portfolios totaling c.€0.4bn of Romanian and Bulgarian loans
over the last 18 months; the disposition of its subsidiaries
Piraeus Bank Egypt, Piraeus Bank Cyprus and Marathon Bank; as
well as a number of leasing subsidiaries in South-Eastern
Europe.
Piraeus Bank is fully committed on meeting all its
obligations emanating from its Restructuring Plan within the
prescribed time horizon.