doValue says bids to be submitted next week for a 5 billion euro Greek bad loan portfolio By Reuters

© . MILAN () -Non-binding offers for a non-performing loan (NPL) portfolio worth about 5 billion euros ($5.7 billion) shelved by Greek bad bank liquidator PQH are expected next week , said Italy’s largest non-performing loan manager doValue. Speaking to analysts after doValue reported better-than-expected results for 2021, CEO Andrea Mangoni said the group had partnered with funds Bain and Fortress in the race to secure the portfolio, dubbed “Ariadne.” The three have worked together before. A consortium comprising doValue Greece, Bain and Fortress was chosen last year in a 6 billion euro securitization sale by the National Bank of Greece. Bain and Fortress invested to buy the notes backed by the bad loans, while doValue provided the collection services. Given the sheer size of the loan pool, the bidding process for Ariadne will be highly competitive, Mangoni said, adding that bidding was one of doValue’s priorities right now and he was optimistic about the outcome. “We are positive about Ariadne,” he said. Appointed by the Bank of Greece, PQH is liquidating the bad assets of 12 lenders that were shut down between 2011 and 2014. The assets totaled approximately 9 billion euros and mainly consisted of impaired loans. ($1 = 0.8808 euros) Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

Leave a comment