Alpha Services and Holdings S.A. (together with its subsidiaries) has reached an agreement with an affiliate of Cerberus Capital Management, L.P. for the sale of a portfolio of Cypriot non-performing loans and real estate properties of a total gross book value of 2.4 billion euro.
The Portfolio will be sold by the 100% (indirect) subsidiary of the Group, Alpha International Holdings S.M.S.A.
According to a press release issued by the company, “Project Sky forms part of Alpha Bank Group’s strategy for the reduction of its stock of non-performing loans and is the culmination of a series of similar successful transactions completed by the Group over the previous years. With this transaction, the Group further de-risks its balance sheet by reducing the NPE ratio by an additional approximately five percentage points to 3% (as of September 30, 2021 pro forma).”
Source: Cyprus News Agency