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Hellenic Bank completes NPL portfolio sale agreement
April 12, 2022
Hellenic Bank on Monday announced that it has entered into an agreement for both the sale of a non-performing exposures portfolio, as well as the bank’s servicing platform APS Debt Servicing, to Pacific Investment Management Company LLC (PIMCO).
“This is a transformative transaction making a decisive step in dealing with the Bank’s NPEs, [since] the transaction substantially de-risks the bank’s balance sheet from NPEs, reducing the NPE ratio to a proforma 3.4 per cent,” Hellenic Bank CEO Oliver Gatzke said.