Alpha Bank to sell bad loan portfolio to Hoist Finance

Alpha Bank, one of Greece’s four largest lenders, said on Friday it signed a binding agreement to sell a 400 million-euro portfolio of unsecured bad loans to Hoist Finance AB for €34 million.

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

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