Global law firm White & Case LLP has advised Alpha Bank A.E. on its sale to a consortium of funds managed by affiliates of Apollo Global Management and International Finance Corporation, a member of the World Bank Group, of a mixed pool of non-performing loans to Greek SMEs and, together with Alpha Bank's wholly-owned group company Alpha Leasing S.A., repossessed real estate assets in Greece.
"Alpha Bank's disposal of these portfolios is a positive and proactive step to reduce its balance sheet exposure to non-performing loans, and to improve its capital and liquidity position," said White & Case partner Debashis Dey, who led the Firm's deal team alongside Alpha Bank relationship partner Gavin Weir. "This is the second NPL-related transaction on which we have advised Alpha Bank in the past 12 months, and further demonstrates our capabilities in the non-performing loan sector, both in Greece and Europe generally."
As of September 30, 2018, the total on-balance sheet gross book values of the non-performing loan portfolio and the real estate portfolio were approximately €1 billion and €56 million respectively, and consideration for the disposals were agreed at €337.1 million and €51 million respectively. The disposal of the non-performing loan portfolio was completed successfully in the final week of December 2018, and the disposal of the real estate portfolio is expected to complete during 2019.
The White & Case team which advised on the transaction was led by partner Debashis Dey (London & Dubai) and counsel Claudio Medeossi (Dubai), and included associates Adam Gao and Anna Leung (both Dubai). Partner Dennis Heuer (Frankfurt) and local partner Daniel Baierlein (Frankfurt) provided support on EU regulatory advice. The Firm’s team worked closely with Greek law firm Koutalidis Law Firm, including partners Nikos Salakas and George Naskaris and associates Effie Papoutsi and Fani Chlampoutaki. Alpha Bank was also advised by financial adviser Citigroup Global Markets Ltd.
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