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An agreement for the sale of a portfolio of non-performing loans and properties in Cyprus, Project Sky, with a total book value of €2.4 billion. EUR 2.2 billion, Alpha Services and Holdings SA (together with its subsidiaries) has reached an agreement with an affiliate of Cerberus Capital Management L.P.
The portfolio will be sold through Alpha International Holdings M.A.E.
The portfolio will be sold through Alpha International Holdings M.A.E, a 100% (indirect) subsidiary of the Group.
According to an announcement by Alpha Services and Holdings S.A., "Project Sky is part of Alpha Bank Group's strategy to reduce non-performing loans and is the culmination of a series of similar successful transactions by the Group in recent years. Through this transaction, the Group further consolidates its balance sheet, reducing its NPE ratio by approximately five percentage points, to 13% (as of 30 September
(CNA)
CNA
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