Intrum

Greece's biggest lender Piraeus Bank said on Monday it had teamed up with Sweden's Intrum to set up a platform to service its 27-billion-euro bad-loan portfolio.
Soured loans are the biggest challenge facing Greek banks, the legacy of a debt crisis that shrank the economy by a quarter and drove unemployment to a high of nearly 28 percent in 2013.

Greek banks are examining various scenarios for ridding themselves of more nonperforming loans and reducing their staff, in an effort to meet commitments for a rapid streamlining of financial figures and cost reduction.

Piraeus Bank, Greece's largest lender by assets, has agreed to sell a 400 million-euro pool of soured, unsecured consumer loans to distressed debt specialist APS Holdings, bankers close to the transaction told Reuters.

The project, dubbed Arctos, involves a pool of about 220,000 non-performing credit card and consumer loans and is part of efforts to shrink the bank's bad-debt load.

Qualco's Greek subsidiary Qquant is according to sources undertaking the management of the bad-loan portfolio of 5.2 billion euros that National Bank of Greece is selling to the consortium of Sweden's Intrum and US firm CarVal.

Piraeus Bank, Greece's largest lender by assets, is close to clinching a deal to sell 400 million euros of soured, unsecured consumer loans as part of efforts to shrink its bad-debt load, bankers close to the deal told Reuters.

The Greek state takes more than twice as long to pay its suppliers as the law dictates. In doing so it deprives them of precious liquidity at a time when other sources of funding - such as bank credit - are extremely limited.

The Greek state has turned into a strategic defaulter of sorts, further threatening the already limited liquidity of Greek enterprises and therefore their sustainability, especially those whose main client is the state.

Eurobank, Greece’s third largest lender, said on Thursday it will sell a 1,5 billion Euro pool of non-performing loans to Swedish hedge fund Intrum, as part of efforts to reduce its load of sour debt and meet targets agreed with regulators.

Eurobank, Greece's third largest lender, said on Thursday it will sell a 1.5-billion-euro pool of non-performing loans to Sweden's Intrum, as part of efforts to reduce its load of sour debt and meet targets agreed with regulators.