Alpha Financial institution clinches deal to promote unhealthy loans to Cerberus

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Feb 14 (Reuters)Alpha Financial institution ACBr.AT, Greece’s third largest lender by market capitalisation, mentioned on Monday it agreed to promote a portfolio of Cypriot non-performing loans and actual property properties to Cerberus as a part of efforts to wash its stability sheet from unhealthy debt.

The portfolio, named venture Sky, has a gross e book worth of two.4 billion euros ($2.72 billion). The sale will cut back Alpha Financial institution’s non-performing exposures (NPE) ratio by about 5 share factors to 13%, the financial institution mentioned.

The affect of the sale to Alpha Financial institution’s revenue assertion is totally according to a budgeted lack of 200 million euros, it mentioned, whereas the affect on its complete capital adequacy ratio can be round 20 foundation factors.

Completion of the sale is predicted within the third quarter of this yr, topic to regulatory approvals.

Alantra Portfolio Advisors suggested Alpha Financial institution and KPMG Cyprus was the native due diligence adviser.

($1 = 0.8819 euros)

(Reporting by George Georgiopoulos and Angeliki Koutantou; Enhancing by Kirsten Donovan)

((angeliki.koutantou@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.



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