Piraeus Bank hires advisers to auction off $7.8 billion of bad loans, sources say
iraeus Bank has hired JPMorgan and UBS to sell two portfolios of soured loans worth about 7 billion euros as it scrambles to clean up its balance sheet and tackle a new debt crisis triggered by the novel coronavirus, sources told Reuters.
Piraeus, Greece’s largest lender by assets which is 26%-owned by the country’s HFSF bank rescue fund, aims to conclude the securitisation of the two loan portfolios between the end of 2020 and the start of 2021, three sources familiar with the matter said.
JPMorgan has won the mandate for Piraeus’ biggest debt auction, dubbed Project Vega, which consists of 5 billion euros ($5.62 billion) of non-performing loans (NPLs), while UBS is handling the 2 billion euro Project Phoenix sale, the sources said.
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