Piraeus Bank and Intrum Enter into a Long-Term Strategic Partnership, Establishing a Market-Leading Servicer of Non-Performing Assets in Greece Valued at €410mn
PIRAEUS FNL HLD S/ADR (BPIRY)
NASDAQ:AMEX Investor Relations:
bloomberg.com/quote/bpiry:us
Company Research
Source: Business Wire
ATHENS, Greece--(BUSINESS WIRE)-- Piraeus Bank S.A. announces that it has entered into a strategic partnership with Intrum for the management of Non Performing Exposures (“NPE”) and Real Estate Owned Assets (“REOs”) through the establishment of a market-leading independent non-performing assets servicing platform in Greece (the “Transaction”). The key components of the Transaction are: - Piraeus Bank’s internal Recovery Banking Unit platform will be transferred to a new servicer company; 80% of the new servicer company will be held by Intrum and 20% by Piraeus Bank; - The new servicer company will enter into a contract to service the Bank’s existing €27bn NPE portfolio, together with any new inflows, on an exclusive basis. The new servicer company will also manage NPE of third parties. The initial term of the contract will be for ten years and will include terms and conditions consistent
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