Alpha Bank receives binding bids on Hercules NPL portfolio

By Tom Brown
06 Nov 2020

Alpha Bank has received two binding bids for the sale of an NPL portfolio worth around €10.6bn, closing the securitization process via Greece's Hercules guarantee scheme and cleaning its balance sheet to make way for new lending.

The portfolio, known as Project Galaxy, consists of retail loans worth €7.6bn plus loans to medium-sized and large corporate clients worth approximately €3bn.

Greek banks have been whittling down €60bn of defaulted debt which accumulated even before the Covdi-19 crisis began, turning to EU support for help ...

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