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Piraeus Bank transfers management of NPL portfolio to AFS

Featured Piraeus Bank transfers management of NPL portfolio to AFS

Piraeus Bank on Tuesday announced the transfer of its Recovery Banking Unit to the new management company Alternative Financial Solutions (AFS).

The new company began operations in September 16, 2019 after receiving an operation license from the Bank of Greece. The new company is a full subsidiary of Piraeus Bank, it serves as a transition vehicle and in early October 80 pct of the company will be transferred to Intrum.

The new company will exclusively manage the bank's portfolio of existing non-performing loans worth more than 27 billion euros, along with all new NPLs. The new company will also manage third-party claims.

Bank officials said that the new company and Piraeus Bank will be by the side of customers facing difficulties in repaying their debt to find a mutually beneficial solution to the problem.