The deal between Piraeus Bank and Intrum which concluded in October will create the largest independent loan servicer in Greece, executives from both firms said in comments to the press late last week.
Greece’s banks entered the final quarter of the year with several key developments on the front of reducing their bad loan pile.
The European Commission (EC) announced on Thursday that it approved the Greek plan, codenamed “Hercules,” for helping Greek banks remove up to 30 billion euros in non-performing loans from their books.
The Finance Ministry has redoubled its efforts to get over the line the Asset Protection Scheme (APS), codenamed Hercules, that is meant to help Greek systemic lenders reduce the stock of NPEs on their books by up to 30 billion euros through state guarantees on securitisations.
Finance Minister Christos Staikouras was due to meet the CEOs of Greece’s four systemic banks on Thursday as the government appears to be stepping up its efforts to secure approval for the Asset Protection Scheme (APS) aimed at reducing the giant pile of NPLs on their balance sheets.
The Bank of Greece (BoG) released a new quarterly bulletin last week detailing statistics regarding the operations of Credit Servicing Firms (CSFs).
The Greek government appears to have submitted to the European Commission its final proposal for an Asset Purchase Scheme (APS), which it hopes will help local banks substantially reduce their stock of non-performing loans.
Greece’s systemic banks reached the end of the first half of 2019 with relatively strong performance and the further derisking of their balance sheets as efforts continued to offload bad loans.
Eurobank recorded net profits of 6 million euros in the second quarter (Q2) of 2019 compared to net profits of 19.7 million in Q1.
Alpha Bank posts net profits of 59.4 mln in Q2, NPE sales worth 3.7 bln planned for remainder of year
Alpha Bank reported net profits of 59.4 million euros for the second quarter (Q2) of 2019, growing from net profits of 27.5 million posted in Q1.