Insider Business National Bank of Greece to get rid of Cypriot NPLs

National Bank of Greece to get rid of Cypriot NPLs

APS Holdings, one of Europe’s largest debt servicing companies, is set to buy the whole portfolio of National Bank of Greece’s Cypriot non-performing loans, according to informed sources.

When announcing the results of the last six months, NBG’s management has made clear that more NPLs portfolios are up for sale –   including one with Cypriot NPLs whose estimated nominal value is €400 million.

The apparent deal with APS is expected to be finalised within the last three months of the year, the same informed sources said.

Specifically, APS will acquire NBG’s red loans in Cyprus that have been transferred, temporarily, to a separate subsidiary company registered in Nicosia. It is called CAC Coral Limited.

The Bank of Cyprus has recently sold a portfolio of NPL’s nominally worth €245 million to APS which is the same company that took over Hellenic Bank’s toxic loans in July 2017.

At the same time, the NBG Group plans to sell a shipping loan portfolio of €300 million in the third quarter of 2019 to a non-disclosed buyer. And in in the fourth quarter of the year, the Group is set to get rid of a red loan portfolio in Romania with a total value of €200 million which also  includes real estate guarantees.

However, the NBG Group has not announced anything on a reported  ongoing  sale procedure of the good bank in Cyprus. Even though the six-month results do mention that “CET1 Indicators for Q2 2019…include the benefit of agreed investments by our subsidiaries in Romania, Egypt and Cyprus.”

This may be a strong indication that the NBG Group is closer than ever to reaching an agreement with Astrobank, with which it has been negotiating for months, for the sale of its subsidiary in Cyprus.

 

Read more:

 

https://in-cyprus.com/interest-in-a-new-boc-alternative-investment-fund/

Top Stories

Cyprus’ Foreign Ministry announces chartered flight to bring Cypriots back from Lebanon (UPDATE)

Cyprus' Ministry of Foreign Affairs announced that it is planning to charter a flight on Thursday for the immediate return of Cypriot citizens and...

Cyprus’ President expresses condolences to Lebanon and readiness to provide assistance

President of Cyprus Nicos Anastasiades has expressed his deep condolences to the government and people of Lebanon and the islands readiness to provide any...

Police carry out 1,162 coronavirus restrictions checks

Police have carried out a total of 1,162 checks over the past 24 hours on premises throughout Cyprus to ensure compliance with government decrees...

Heavy fines, hunting bans for bird trappers in British bases

More than €10,000 in court fines have been issued to illegal bird trappers in sovereign bases’ area in the past few weeks. Alongside a...

Conflicting scientific views on extend of covid-19 spread in Cyprus

There are conflicting views by members of the scientific team advising the Cyprus government on the novel covid-19 virus and the extend of its...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...