December 20, 2019 / 12:57 PM / 2 months ago

Greece's bad bank liquidator sells 1 bln euro loan portfolio to Intrum Hellas

ATHENS, Dec 20 (Reuters) - PQH, the liquidator for bad banks in Greece, has signed a deal to sell a 1 billion euro ($1.11 billion) portfolio of unsecured impaired loans to loan servicer Intrum Hellas, it said on Friday.

The deal was agreed at a price of 71.1 million euros, meaning PQH will receive 7% of the outstanding principal.

The portfolio comprises unsecured retail and small business soured loans. Morgan Stanley advised PQH on the deal.

Intrum Hellas was created last month as a joint venture of Greek lender Piraeus Bank and Swedish loan servicer Intrum.

It is the biggest independent servicer of non-performing loans and real estate assets in the Greek market, managing Piraeus Bank’s 26 billion euros of non-performing exposures (NPEs).

In comparison, Greece’s other 18 licensed credit servicers were handling a total of 17.5 billion euros of non-performing loans as of June this year.

$1 = 0.9009 euros Reporting by George Georgiopoulos; Editing by Jan Harvey

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