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National Bank of Greece completes sale of shipping loans portfolio

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National Bank of Greece completes sale of shipping loans portfolio

National Bank of Greece SA completed the sale of a portfolio of shipping loans amounting to approximately €262 million to certain funds advised by U.S.-based Cross Ocean Partners.

The consideration for the transaction is worth roughly 50% of the portfolio's balance sheet amount as of June 30. The lender expects the sale to have a marginal impact on its common equity Tier 1 capital ratio as of September-end.

NatWest Markets acted as the financial adviser and Watson Farley & Williams acted as external legal adviser to the Greek bank on the deal.