Piraeus Bank, one of Greece’s four largest lenders, is in talks with Bain Capital to sell a portfolio of leasing contracts as part of efforts to clear non-performing loans from its balance sheet, bankers close to the talks told Reuters.
Greek banks have been making headway in their bid to sell, write off or restructure billions of euros of bad debt accumulated during the last financial crisis.
On Monday, ratings agency Moody’s upgraded the four largest Greek banks and gave them a positive outlook, saying the move was primarily driven by their improving asset quality and good prospects for further boosting their recurring profitability.
Free Webinar: The Primary Step in Creating Value: How the Right Corporate Governance Can Drive Growth
- To what extend can the relationship between the GP and board impact the company?
- How can GPs ensure trickle down change in organisations?
- How can technology help bridge the gap between GPs and management boards?
Piraeus Bank and Bain Capital were not immediately available for comment.
Piraeus Bank’s portfolio of leasing contracts, dubbed project Sunshine, has a gross book value of about 530 million euros ($621 million).
Bain Capital is a multi-asset alternative investment firm.
In 2018, Piraeus Bank agreed to sell a 1.45 billion euro portfolio of secured, non-performing business loans to Bain Capital Credit as part of moves to reduce its bad debts.
Source: Reuters
Can’t stop reading? Read more
CPP Investments adds C$750m to Northleaf programme to deepen Canada focus
CPP Investments adds C$750m to Northleaf programme to deepen Canada focus CPP Investments has...
H.I.G. closes €1.6bn European lower middle-market fund above target
H.I.G. closes €1.6bn European lower middle-market fund above target H.I.G. Capital has completed...
Carlyle’s wealth platform doubles as private markets gain share of portfolios
Carlyle’s wealth platform doubles as private markets gain share of portfolios Carlyle Group’s...