Alpha concedes more bad loans to Cepal
Alpha Bank is gearing up to concede a second portfolio of loans to Cepal in early May, adding up to 2.5 billion euros, Kathimerini understands.
The transfer of the new package will take the Alpha loan portfolio that Cepal manages to 4 billion euros in total, while the agreement between the two parties foresees the debt management company eventually taking on a total of 11 billion euros of bad loans.
One can add to that amount the 3.7 billion euros of loans that Alpha has sold to Norwegian company B2Holding.
That deal provides for the management of the loans for just three months, with B2Holding setting up a Greek subsidiary, B2Kapital.
Cepal is a consortium comprising Centerbridge and Alpha and was the first bad-loan management company to receive an operating license from the Bank of Greece, in late 2016. Having completed over a year in the Greek market, Cepal is now implementing a broad investment program with new technological infrastructure and systems, while its staff already numbers some 220 people.
The loans transferred to Cepal come from all three main categories – mortgages, consumer loans and small corporate credit – and all of them have long ceased to be serviced.
