Eurobank is putting its fourth portfolio of properties up for sale in the context of a broad program for relieving its financial report of the burden of real estate assets; they amount to 5,100, not including those of former subsidiary Grivalia. The portfolio sale constitutes Eurobank's biggest to date.
The acquisition of FPS by Italian group doValue will serve as a springboard for the latter's expansion in the wider Southeastern Europe region according to its CEO Andrea Mangoni.
In an interview with Kathimerini, Mangoni says that the Italian group's aim is to become the leading servicer of nonperforming exposures in Greece ahead of the emergence of the secondary NPE market.
Stocks suffered a day of losses at the Athens Stock Exchange on Friday, with just a handful of sessions left till the end of the year for traders to complete their window dressing, but the benchmark didn't lose all its weekly gains, posting an increase of 0.11 percent compared to the previous Friday.
The board of Greek lender Eurobank will meet on Thursday to approve a deal to sell a majority stake in the bank's loan servicing unit FPS to Italy's biggest loan recovery firm doValue, banking sources told Reuters.
The Italian firm has secured an 80 percent stake in Financial Planning Services (FPS), the sources said.
Eurobank said on Thursday it was selling two real estate portfolios worth a combined 84 million euros to Brook Lane Capital and plans to put a third portfolio up for sale.
Eurobank, which is 2.4 percent owned by Greece's HFSF bank rescue fund after being bailed out during the country's debt crisis, repossessed most of the properties, residential and commercial, after loan defaults.