National Bank of Greece – Succesful closing of the shipping loans’ portfolio sale transaction

National Bank of Greece announces that it has successfully closed the sale of a shipping loans portfolio (total claims of approximately 262 mil Euros) to certain funds advised by Cross Ocean Partners.

The transaction is being implemented in the context of NBG’s NPE reduction Strategy.

Τhe Investors are expected to assign the servicing of the above portfolio to QQuant Master Servicer S.A which has been licensed by the Bank of Greece under Law 4354/2015.

The consideration of the transaction is approximately 50% of the portfolio’s on balance-sheet amount (cut off date 30.6.2019) and has a marginal impact on NBG Group’s capital (based on Q3 2019 CET 1 ratio).

Nat West Markets acted as financial advisor while Watson Farley & Williams as external legal counsel to NBG.
Source: National Bank of Greece