Piraeus Bank

Piraeus Bank is in exclusive talks with Czech APS Holding over the possible sale of a EUR 2.2bn unsecured NPL portfolio (project Arctos). The portfolio has a gross book value of c. EUR 400m. According to previous reports, the portfolio includes c. 220k credit card and consumer loan NPLs, with 50% of these ranging from EUR 1,000 to 5,000. Recall that the bank has recently said that NPL sales should be capital accretive with this sale seen adding some 10bps to group’s CET1 ratio, possibly from a reduction of RWAs. 

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