Business Wire

Piraeus Bank Agrees the Sale of a Corporate NPE Portfolio Equivalent to €1,950mn of Legal Claims or €1,450mn Gross Book Value

Del

Piraeus Bank S.A. ("Piraeus" or the "Bank" or the “Group”) announces that it has entered into an agreement with Bain Capital Credit LP ("Bain") in relation to the sale of non-performing and denounced corporate credit exposures, secured with real estate collateral, equivalent to €1,950mn total legal claims or €1,450mn on-balance sheet gross book value (the “Portfolio” and the “Transaction”, respectively).

The Transaction is subject to customary conditions, regulatory and other approvals by the respective authorities in Greece, including the consent of the Hellenic Financial Stability Fund.

The Transaction is expected to generate circa 20 basis points of CET-1 capital, as at 31st March 2018, while reducing the NPE ratio of the Bank by more than 100 basis points. Following the completion of the Transaction, Piraeus will have no control over the servicing of the Portfolio and will retain none of the risks and rewards associated with it.

“This is the first commercial real-estate backed NPE sale taking place in our country and one which Piraeus prepared and executed methodically. It sets the mark and materially contributes in the creation of the secured NPE market in Greece. The Transaction underlines our strong determination to continue de-risking our balance sheet and implementing our capital enhancing plan, in-line with our strategic initiative, Agenda 2020. We are greatly encouraged by Bain's direct investment in Greece, which we read as a strong vote of confidence in the prospects of the newly established NPE market, the recovering real estate prices and the Greek economy overall”, Christos Megalou, the Group’s Chief Executive Officer, said.

“We are delighted to continue to strengthen our position in the Greek non-performing credit, a market with circa €100bn of NPEs”, said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business.

“This investment demonstrates our interest in the market as we are excited to play a part in Greece’s recovery. After having acquired similarly complex portfolios across Europe, this transaction showcases our expertise in executing deals of this magnitude”, added Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business.

“We are thrilled to be able to continue returning financially stranded Greek assets to being productive units of the economy, and look forward to further developing the great working relationships we have formed", said Brad Palmer, a Managing Director and Head of Bain Capital Credit’s European operations.

UBS Limited is acting as exclusive financial advisor of Piraeus for the Transaction. Alix Partners and Ernst & Young have assisted in the preparation of data-rooms, real estate valuations and other materials related to the Transaction. Shearman & Sterling is acting as international legal counsel to Piraeus and Zepos & Yannopoulos as Greek legal counsel to Piraeus for the Transaction.

Support in executing this deal for Bain Capital Credit was provided by Mount Street, loan servicing specialists; Property Solutions Asset Management and Danos Real Estate provided real estate valuation advice, whilst Kirkland & Ellis, Karatzas & Partners and Andreas Angelidis & Associates provided legal assistance. Other financial due diligence and advisory was performed by Deloitte. Alvarez & Marsal also provided support to Bain.

About Piraeus Bank

Piraeus Bank, founded in 1916, is the leading lender in Greece with a 30% market share, offering a full range of financial products and services to more than 5mn customers. Total assets of the Group amounted to €64bn, net loans to €41bn and customer deposits to €43bn on 31 March 2018. Piraeus Bank employees 13 thousand people in Greece and operates a nationwide network of 600 units, ranking first in customer satisfaction in the Greek market. In parallel, the Bank is at the forefront of digitalization and innovation in Greece, catering for the needs of more than 1.5mn customers in e-banking services. For more information on Piraeus Bank: http://www.piraeusbank.gr/en.

Contact information

Piraeus Bank
George Papaioannou
Head of Press Office
gpapai@piraeusbank.gr
+30 210 3288830
or
Powerscourt
Alex Rowbottom
alex.rowbottom@powerscourt-group.com
+44 (0)20 7250 1446

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Lenovo Accelerates Turnaround with Back-to-Back, Double-Digit Quarterly Revenue Growth15.8.2018 23:40Pressemelding

Lenovo Group (HKSE: 0992) (PINK SHEETS: LNVGY) today announced results for its first fiscal quarter ended June 30, 2018. For the second straight quarter, Lenovo achieved strong double-digit growth in revenue year-on-year. Group revenue reached US$11.91 billion, up 19% year-on-year. The company also reported strong pre-tax income during the quarter of US$113 million, an improvement of US$182 million year-on-year, as profitability improved across all businesses. In the first fiscal quarter, Lenovo’s profit attributable to equity holders grew to US$77 million, up US$149 million year-over-year. Basic earnings per share in the first fiscal quarter was 0.65 US cents or 5.10 HK cents. “As we persistently execute our 3-wave strategy, all our businesses made solid improvements in both revenue and profitability. Lenovo has passed the turning point and entered a phase of ‘acceleration’ - accelerating the execution of our transformation strategy and accelerating the rising momentum in business per

CORRECTING and REPLACING Ebola Successfully Neutralized by Latest Generation Polyclonal Immunotherapy15.8.2018 22:37Pressemelding

Please replace the release with the following corrected version due to multiple revisions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005602/en/ New Ebola immunotherapy developed by SAB Biotherapeutics uses natural human polyclonal antibodies to combat disease. (Photo: SAB Biotherapeutics) The corrected release reads: EBOLA SUCCESSFULLY NEUTRALIZED BY LATEST GENERATION POLYCLONAL IMMUNOTHERAPY Promising new platform can rapidly respond to emerging infectious diseases Sioux Falls, SD, August 15, 2018 – SAB Biotherapeutics, Inc. (SAB), a clinical-stage biopharmaceutical company, today announced that its anti-Ebola immunotherapy (SAB-139) provided “100% protection against a lethal dose of the Ebola virus” in a recent animal study published in The Journal of Infectious Diseases . The study was conducted at the Integrated Research Facility, National Institute of Allergy and Infectious Diseases, National Institutes of He

Ebola Successfully Neutralized by Latest Generation Polyclonal Immunotherapy15.8.2018 17:43Pressemelding

SAB Biotherapeutics, Inc. (SAB), a clinical-stage biopharmaceutical company, today announced that its anti-Ebola immunotherapy (SAB-139) provided “100% protection against a lethal dose of the Ebola virus” in a recent animal study published in The Journal of Infectious Diseases . The study was conducted by the National Interagency Confederation for Biological Research and other collaborators including United States Army Medical Research Institute of Infectious Diseases (USAMRIID) and the Naval Medical Research Center (NMRC). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005602/en/ New Ebola immunotherapy developed by SAB Biotherapeutics uses natural human polyclonal antibodies to combat disease. (Photo: SAB Biotherapeutics) According to the World Health Organization, Ebola virus disease (EVD), formerly known as Ebola hemorrhagic fever, is a severe, often fatal illness in humans with an average fatality rate around 50%.

Rimini Street Receives Asia-Pacific Stevie Award for Customer Service Innovation15.8.2018 17:05Pressemelding

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced it has been honored with a Stevie® Award in the Innovation in Customer Service Management, Planning & Practice category for its ultra-responsive, premium level service in the Asia-Pacific region. This honor marks the Company’s 12th Stevie Award win this year, and the second consecutive year the Company has been recognized by the Asia-Pacific Stevie Awards. Rimini Street recently earned Stevie Awards in several categories, including Company of the Year from the 2018 American Business Awards® and Customer Service Department of the Year from the 2018 Stevie Awards for Sales & Customer Service. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005580/en/ Rimini Street Receives Asia-Pacific Stevie Award for Customer Service Innovat

2018 Healthcare+ Expo Taiwan: Where Tech Meets Medicine15.8.2018 13:03Pressemelding

From November 29th to December 2nd 2018, global-leading biomedical and technology institutes will gather in Taipei for the top healthcare and technology event in Asia - The Healthcare+ Expo - Taiwan. In line with the theme “Med X Tech”, a lineup of global leaders in technology will share the latest technology advancements and how technology create better solutions for future medical applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005001/en/ This year, the expo gathers 400 + world-class medical institutes and multi-national IT/ICT/electronic giants. The IT giants will showcase medical innovations of AI, IoT and robotic technologies. The medical institutes will demonstrate advanced medical technologies, smart hospital designs, products, and services while bio-pharmaceutical, medical device, and genetic enterprises will provide the most current updates in precision medicine. In all, more than 1,400 booths wil

QConnect - The Most Intelligent, Global, Ultra-Compact, Rugged Communication Device15.8.2018 13:00Pressemelding

Quake Global, Inc. (QUAKE), a leading provider of solutions to the global IoT market, announced the launch of their advanced telematics device, QConnect™. The Ultra-compact QConnect integrates with fixed and mobile assets for real-time tracking, monitoring and control anywhere, anytime. The device provides a variety of advanced, wireless communication options, including LTE/2G/3G, dual-band Wi-Fi, Bluetooth/BLE, V2X, and satellite. The device is designed to meet the demands of a wide variety of requirements from simple low-cost tracking applications to high-performance, multi-channel, video streaming applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180815005104/en/ Quake Global’s new QConnect, the most intelligent, global, ultra-compact and rugged communication device available (Photo: Business Wire) QConnect is flexible with unique apps and software options on an open source Linux platform. Control your vision w