Salem Radio Network News Sunday, August 7, 2022

Business

Alpha Bank to sell bad loan portfolio to Hoist Finance

ATHENS (Reuters) – Alpha Bank, one of Greece’s four largest lenders, said on Friday it signed a binding agreement to sell a 400 million euro ($407 million) portfolio of unsecured bad loans to Hoist Finance AB for 34 million euros.

The transaction, named project Light, is expected to reduce Alpha Bank’s non-performing exposures (NPE) ratio by 0.5 percentage points, it said.

The deal is expected to be completed in the fourth quarter of 2022.

($1 = 0.9816 euros)

(Reporting by George Georgiopoulos; editing by Jason Neely)

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