December 22 (SeeNews) - National Bank of Greece (NBG) said on Tuesday that it has entered into a definite agreement with Bain Capital Credit for the disposal of a 174 million euro ($211 million) Romanian-risk corporate NPLs portfolio.
The closing of the transaction is subject to standard conditions precedent, including the approval of the transaction by the anti-trust authority in Romania, as well as the consent of the Hellenic Financial Stability Fund, NBG said in a press release.
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, NBG added.
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.
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, 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 $43.7 billion in assets under management as of October 1st. It mainly invests in leveraged loans, high-yield bonds, distressed debt and special situations, direct lending, structured products, non-performing loans (NPLs) and equities.
($=0.8234 euro)
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