Greek shipping lender Piraeus Bank has finalised a major sale of corporate non-performing loan exposure to a US fund.
The portfolio being sold to Davidson Kempner Capital Management had a gross book value of €507m ($565m), or €535m as a total legal claim, as of 31 October last year.
But Davidson Kempner is paying €240m.
The transaction is subject to "ordinary terms and approvals by the competent Greek authorities, including the consent of the Hellenic Financial Stability Fund", Piraeus Bank said.
