ATHENS – 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)