Alpha Bank enters into definitive agreement with Davidson Kempner over Euro 10.8 billion Galaxy portfolio and 80% in Cepal Holdings

Δευτέρα, 22 Φεβρουαρίου 2021 14:22
Alpha Bank enters into definitive agreement with Davidson Kempner over Euro 10.8 billion Galaxy portfolio and 80% in Cepal Holdings

• Second largest rated NPE securitization in Europe at Euro 10.8 billion GBV

• Landmark transaction significantly de-risks Alpha Bank’s balance sheet while maintaining market-leading capital position

• Alpha Bank’s NPE ratio and NPL ratio in Greece will fall to 24% and 13% respectively

• Davidson Kempner acquires 80% of Cepal Holdings and 51% of Mezzanine and Junior securitization notes within the Galaxy portfolio Alpha Bank S.A. (“Alpha Bank” or the “Bank”) announces that it has entered into a definitive agreement with certain entities managed and advised by Davidson Kempner Capital Management LP (“Davidson Kempner”) in relation to: (a) the sale of 80% of its loan servicing subsidiary Cepal Holdings Single Member S.A. (“New CEPAL”), and (b) the sale of 51% of the Mezzanine and Junior securitization notes of the Euro 10.81 billion NPE portfolio (the “Galaxy Securitizations”) (together with the sale of New CEPAL, the “Transaction” or “Project Galaxy”).

Vassilios Psaltis, CEO of Alpha Bank, said: "We are excited to enter into a long-term agreement for Project Galaxy with Davidson Kempner, a highly experienced US investor. This is a turning point for our Bank as we are making a decisive step in dealing conclusively with the legacy asset quality issues from the long-lasting recession in Greece. In spite of the unprecedented conditions we experienced due to Covid, we are proud to have managed to sign such a complex transaction in just eight months from launch, to attract significant international investor interest and to fully meet our targeted capital envelope for this transaction. Alpha Bank now continues with undivided attention to implement the last mile in its de-risking strategy and to drive forward the implementation of its transformation plan so as to capture superior growth opportunities.”

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