Piraeus Bank and Intrum enter into a partnership [Seeking Alpha]
PIRAEUS FNL HLD S/ADR (BPIRY)
NASDAQ:AMEX Investor Relations:
bloomberg.com/quote/bpiry:us
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Source: Seeking Alpha
Piraeus Bank and Intrum enter into a partnership - Piraeus Bank S.A. (OTCMKTS:BPIRF) | Seeking Alpha Financials Piraeus Bank and Intrum enter into a partnership Jun. 3, 2019 3:37 PM ET | Piraeus Bank S.A. (BPIRF) Vandana Singh Piraeus Bank ( OTCPK:BPIRF +5.8% entered Piraeus Bank’s internal Recovery Banking Unit platform will be transferred to a new servicer company, with 80% stake of the new servicer company 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, as well as manage NPE of third parties. The initial term of the contract will be for ten years, and will be licensed & regulated by the Bank of Greece. Second servicer company will be formed, with the same shareholder structure that will manage the Bank’s €1bn REOs. The platform is valued at €410mn with purchase price for ?ntrum’s share at €328M. The transaction is scheduled to close on 1 October 2019. Click to subscribe to real-time an
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