The European Bank for Reconstruction and Development (EBRD) announced that alongside debt recovery specialist APS it is taking over a portfolio of “around 2,000 sub-performing and non-performing loans” with a nominal value of some €400mn in Romania, sold by Piraeus Bank.
The EBRD said that the transaction will support the functioning of the Romanian banking sector, facilitating the return of blocked collateral to the economy and helping borrowers exit bankruptcy proceedings.
“It also frees up [non-performing loan] NPL servicing capacity, enabling the local financial market to originate new lending,” according to the EBRD’s press release. The EBRD’s participation in the deal is 30%.
The portfolio includes unsecured loans and loans secured with real estate collateral in Romania.
Greek multinational financial services company Piraeus Bank has had no subsidiary in Romania since 2018.
Piraeus Bank sold its Romanian subsidiary to J.C. Flowers in June 2018 (with the EBRD as a co-investor with a 19% stake). J.C. Flowers changed the bank's name to First Bank in September 2018 and is currently in the process of selling it to Intesa Sanpaolo. Piraeus Bank Romania had total assets of €1.5bn at the end of Q3, 2017 – the latest data available before it was taken over by J.C. Flowers.
Related Articles
Uzbekistan's gold bar and coin prices move past million som per gram mark
Gold bar and coin prices in Uzbekistan moved past the Uzbekistani som (UZS) 1mn ($79) per gram mark on May 16, the Central Bank of Uzbekistan (CBU) announced . The day on ... more
Hungary’s OTP books hefty Q1 profit despite government levies
The consolidated adjusted net profit of OTP Bank rose 126% year on year to HUF240.0bn (€620mn) with all foreign units posting profits, accounting for three-quarters of earnings. Hungary's ... more
Saudi Arabia tops energy investments in Uzbekistan
Saudi Arabia has solidified its position as the largest investor in Uzbekistan's energy sector since 2020, with the Central Asian nation undergoing a transition towards green energy, ... more
Most Read
-
Turkey simply relabels Russian oil products and exports them to Europe, research indicates
2 days ago
-
Yandex parent closes Russia exit to focus on AI startups in Europe
1 day ago
-
BRICS currency is coming soon, Iranian ambassador
8 hours ago
-
Instigator of claims against Usmanov accused of intimidating lawyers
22 hours ago
-
The use of the ruble in EU trade settlements reaches a record $15.2bn in March
2 days ago
-
Ukraine’s strategy of hitting Russian oil refineries is working
9 days ago
-
US Secretary of State Blinken says Ukraine free to use US-made weapons to strike Russia
3 days ago
-
EBRD2024: EBRD expects Emerging Europe growth boost in 2024, but slightly lowers forecast
4 days ago
-
Transit fee rivals Russia, Kazakhstan “happy” China-Kyrgyzstan-Uzbekistan railway not progressing
6 days ago
-
Live fish fall from the sky in Central Iran - video
14 days ago
-
Ukraine's birth rate plummets to 300-year low as country’s population collapses
1 month ago
-
Shocking trial of ex-minister has shifted domestic violence attitudes in Kazakhstan, says brother
17 days ago
-
The models are wrong, climate change is accelerating faster than predicted
24 days ago
-
Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
1 month ago
-
BRICS announce a blockchain-based payment system to create a common currency
1 month ago