Greek shipping lender Piraeus Bank is hiving off its non-performing assets in a deal with Swedish credit manager Intrum.
The bank's internal recovery banking unit platform will be transferred to a new entity 80% owned by Intrum and 20% by the bank.
The new operation will enter into a contract to service the lender's existing EUR 27bn ($30.5bn) non-performing exposure (NPE) portfolio, together with any new inflows, on an exclusive basis.
