Piraeus Bank Belgrade (PBB), a subsidiary of Piraeus Bank Group, on Wednesday announced an agreement to sell a non-performing loans’ portfolio of 47 local large and small/medium sized corporate customers, estimated at 43 million euros.
The deal is part of a restructuring plan of the bank and needs approval by the National Bank of Serbia.
Piraeus Bank Belgrade noted the sale will have a positive impact on the bank’s NPLs (falling by eight percentage points to 17 pct) and will also lead to a reverse of provisions up to 2.0 million euros.
Piraeus Bank Group sold loan portfolios worth around 400 million euros in Romania and Bulgaria in the past 18 months, its subsidiaries in Egypt, Cyprus and Marathon Bank as well as a series of leasing subsidiaries in Southeastern Europe.
Piraeus Bank stressed it remains fully committed in completing all actions envisaged in a restructuring plan within set timetables.
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Photo Source: Wikimedia Commons Copyright: Erud License: CC-BY-SA
Source: ANA-MPA
