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Piraeus Bank Belgrade sells NPL portfolio

Piraeus Bank Belgrade sells NPL portfolio

Piraeus Bank Belgrade (PBB), a subsidiary of Piraeus Bank Group, on Wednesday announced an agreement to sell a non-performing loans’ portfolio of 47 local large and small/medium sized corporate customers, worth 43 million euros.

The agreement is part of a restructuring plan of the bank and needs approval by the National Bank of Serbia.

Piraeus Bank Belgrade said the sale will have a positive impact on the bank’s NPLs (falling by eight percentage points to 17 pct) and will also lead to a reverse of provisions up to 2.0 million euros.
Piraeus Bank Group sold loan portfolios worth around 400 million euros in Romania and Bulgaria in the past 18 months, its subsidiaries in Egypt, Cyprus and Marathon Bank along with a series of leasing subsidiaries in Southeastern Europe.

Piraeus Bank said it remains fully committed in completing all actions envisaged in a restructuring plan within set timetables.

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