Piraeus Bank seeks to sell-off shipping-related 'bad debt' portfolio by end of year

Tuesday, 06 November 2018 14:24
Nikos Libertas / SOOC/

Greek lender Piraeus Bank is reportedly accelerating the process to sell-off another portfolio of "bad debt", mostly loans extended to the shipping sector, by the end of the year.

The portfolio, named "Nemo", is valued at between 400 and 500 million euros, and affects roughly 10 shipping companies. Moreover, the specific loans are accompanied by tangible collaterals, namely, vessels.

Financial consultant Houlihan Lokey said interested distress funds will be called on to sign confidentiality agreements next week.





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