EBRD, IFC, APS, Balbec invest in Piraeus Bank's sour loans portfolio

The European Bank for Reconstruction and Development, APS Delta, Balbec Capital and the IFC will jointly invest 50 million euros ($57 million) in a portfolio of unsecured sour loans originated by Greece's Piraeus Bank, the EBRD said on Friday.

Balbec Capital is a private investment firm with expertise in alternative credit investments. It has invested more than $3 billion in 16 countries. ASP services a wide range of distressed debt portfolio types via regionally located branches. The International Finance Corp is a member of the World Bank Group, the largest global development institution focused exclusively on the private sector.

Saddled with billions of euros of sour loans, Greek banks are struggling with the highest ratio of so-called non-performing exposures (NPEs) in Europe following the country's seven-year debt crisis.

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