Six bidders enter race for Alpha’s Cepal spinoff and Galaxy portfolio

Six investment funds participated in the first stage of non-binding bids for Alpha Bank’s bad-loan management spinoff Cepal and the securitization of the Galaxy portfolio, with the lender expected to announce the short-listed bidders in the next few days, ahead of September’s final stage.

Participants include US investment funds PIMCO and Bain Capital Credit, Italy’s Cerved Group and the joint venture of US investment fund Elliot Management with Credito Fondiario, the third biggest servicer in the Italian market.

Sources say the bidders also include Fortress, which is already present in Greece, plus another US fund.