National Bank of Greece sells 174 mln euro Romanian NPLs portfolio to Bain Capital Credit

The transaction is capital neutral, NBG said in a press release on Thursday.

Deloitte Business Solutions SA acted as financial advisor to NBG, Milbank LLP and CMS Cameron McKenna Nabarro Olswang LLP SCP as international and local external legal counsels.

NBG announced the NPLs sale in December.

At the time, NBG said that the transaction is being implemented in the context of NBG’s non-performing exposure deleveraging strategy and in accordance with the Operational Targets submitted to the Single Supervisory Mechanism and has a neutral capital impact to the bank.

The National Bank of Greece is a global banking and financial services company with its headquarters in Athens, Greece. Some 85% of the company's pre-tax pre-provision profits are derived from its operations in Greece, complemented by 15% from Southeastern Europe, according to its website.

In January 2020, ​NBG announced the completion of the sale of its 99.28% stake in Banca Romaneasca to Export-Import Bank of Romania (EximBank).

The Greek group is now present in Romania with leasing company NBG Leasing and Insurance company Garanta Asigurari, according to its website.

Bain Capital Credit is a global credit specialist with $43.7 billion in assets under management as of October 1st 2020. It mainly invests in leveraged loans, high-yield bonds, distressed debt and special situations, direct lending, structured products, NPLs and equities.

($=0.8206 euro)