White & Case advises Intrum on Piraeus Bank’s €300 million NPL securitisation

Press Release
1 min read

Global law firm White & Case LLP has advised Intrum Holding AB (Intrum) on a securitisation involving Piraeus Bank's Project Senna non-performing loan portfolio.

"Intrum and Piraeus Bank have already closed seven other securitisations as part of their successful strategic partnership, now totaling more than €17 billion gross book value," said White & Case partner Dennis Heuer, who co-led the Firm's deal team.

The Project Senna portfolio consists of loans with a total gross book value of €300 million at March 31, 2023. It is held by Senna NPL Finance DAC and consists of approximately 60 precent small-sized mortgages, and 40 percent consumer and small business loans. 

Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the Project Senna portfolio, and Intrum has agreed to acquire the entirety of the notes of the securitisation from Piraeus. 

The White & Case team which advised on the transaction was co-led by partners Dennis Heuer (Frankfurt) and Debashis Dey (Dubai & London) and local partner Greg Pospodinis (Dubai), and included partner Henrik Wireklint (Stockholm) and associate Reetu Vishwakarma (Frankfurt).

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