Eurobank seals FPS sale to doValue

Eurobank subsidiary FPS is set to evolve into one of the biggest companies in its domain in Greece - with a role in the broader market of Southeastern Europe too - now that Italy's doValue, a member of the Fortress Group, has secured an 80 percent stake in the bad-loan management firm.

This landmark agreement, sealed on Thursday, also includes the securitization of the Cairo portfolio of nonperforming exposures (NPEs), worth 7.5 billion euros.
According to Eurobank chief executive Fokion Karavias, "Eurobank is entering the final stage of streamlining its finances," with an NPE rate of just 15 percent from the first quarter of 2020.

The price of the FPS transaction amounts to 248 million euros, as its entire share capital has been valued at 310 million. Eurobank will also secure additional revenues through the achievement of specific returns from loan recovery in...

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