June 3, 2019 / 7:12 AM / 5 months ago

Piraeus Bank, Intrum set up platform to manage 27 bln euro NPEs

ATHENS, June 3 (Reuters) - Greece’s Piraeus Bank said on Monday that it has teamed up with Intrum to set up a platform that will manage its 27 billion euro bad loan portfolio.

The value of the new platform is estimated at 410 million euros and Intrum has agreed to pay 328 million euros to acquire 80% of it, Piraeus bank said, adding it would hold the other 20%.

Piraeus and Intrum aim to close the transaction on Oct. 1. (Reporting by George Georgiopoulos and Renee Maltezou)

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