The Portfolio will be sold by the 100% (indirect) subsidiary of the Group, Alpha International Holdings S.M.S.A.

According to a press release issued by the company, “Project Sky forms part of Alpha Bank Group’s strategy for the reduction of its stock of non-performing loans and is the culmination of a series of similar successful transactions completed by the Group over the previous years. With this transaction, the Group further de-risks its balance sheet by reducing the NPL ratio by an additional approximately five percentage points to 3% (as of September 30, 2021 pro forma).”

The impact on the Group’s income statement is fully in line with the allocated loss budget at c 0.2 billion euros, with a commensurate impact on the Group’s Total Capital Adequacy Ratio (CAD) of 20 bps (as of September 30, 2021 pro forma), the press release adds.

The Group also notes that completion of the transaction is expected to take place in Q3 2022, subject to the receipt of customary regulatory approvals. (CNA)

Source: Knews