Agreement for the sale of a leasing NPE portfolio (Project Sunshine) amounting to €0.5bn Gross Book Value
Piraeus Financial Holdings announces that its subsidiary Piraeus Bank S.A. (“Piraeus” or the “Bank”) has reached an agreement with Bain Capital Credit, for the sale of 100% of the Group’s leasing subsidiary Sunshine Leases (“Sunshine”), including a, classified as held-for-sale portfolio of leasing Non-Performing Exposures (NPEs), of a gross book value of €0.5bn as at 30.09.2022 (the “Transaction”).
The total consideration of the Transaction corresponds to c.26% of gross book value.
The Transaction has been part of Piraeus Bank’s focused and systematic actions, targeted to fulfil its NPE de-risking plan.
The Transaction is subject to the ordinary terms and approvals by the competent Greek authorities, including the consent of the Hellenic Financial Stability Fund.
UBS Europe SE is acting as exclusive financial advisor to Piraeus on the Transaction and PotamitisVekris Law Firm as Piraeus’ exclusive legal counsel.
Athens, 23 December 2022
