Project Mirror

Jun 2019

Sell-side advisory – Unsecured SME

Value €1.2 billion

Alantra CPAI has advised National Bank of Greece (NBG) on the sale of a portfolio of unsecured non-performing portfolio of credit cards, consumer loans, small business loans (“SBL”) and small & medium enterprises loans (“SME”) with total principal amount of c. €1.2 billion to CarVal Investors (Project Mirror). The consideration for the transaction was in excess of 9% of the principal, which is the highest % price achieved for any major unsecured NPL portfolios sold in Greece to date.

Established in 1841, NBG is one of the four Greek pillar banks, with €65bn of assets, c. 8, 000 employees and c. 400 branches.

Through the transaction, NBG has achieved a significant portion of its planned €4.5bn NPE reduction (inclusive of organic & inorganic) for 2019 and is also capital accretive to NBG.

CarVal Investors is a leading global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $116 billion in 5,360 transactions across 80 countries. Today, CarVal Investors has $10 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets.”