Global law firm White & Case LLP has advised Piraeus Bank, S.A., (Piraeus), one of Greece's leading 'big four' banks, on the sale and transfer of a portfolio of non-performing, denounced unsecured retail consumer and credit cards exposures equivalent to €2.238 billion total legal claims or €385 million on-balance sheet gross book value to APS Investments S.a.r.l, a leading CEE/SEE distressed debt investment advisor and manager.
The transaction included the establishment of a virtual data room for review by bidders, an active bid process with multiple potentially interested parties, and negotiation of a sale and assignment agreement once a preferred bidder was selected. The transaction aligns with Piraeus’s strategy of reducing its NPE stock.
"Our cross-border team worked closely with Piraeus and its other advisors for over nine months to achieve the client’s ambitions to effect a sale of a large portfolio of its unsecured loans," said White & Case structured finance partner Dennis Heuer, who co-led the Firm's deal team. "The transaction demonstrates White & Case’s experience in acting for sellers in portfolio sale deals, in particular of portfolios with a non-performing loan element."
The White & Case team which advised on the transaction was co-led by partners Dennis Heuer (Frankfurt/London) and Gavin Weir (London), and included local partners Daniel Baierlein (Frankfurt), Christophe Balthazard and Vincent Naveaux (both Brussels – Luxembourg practice) and associates James Tanner, Hyder Jumabhoy (both London) and Ida Kucerova (Prague).
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