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Report: Eurobank seeks buyer for €1.5B of soured consumer debt


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Report: Eurobank seeks buyer for €1.5B of soured consumer debt

Eurobank Ergasias SA is looking to sell consumer nonperforming loans with a value of €1.5 billion, Kerdos reported Dec. 28, citing sources.

The sale concerns 200,000 loans that have been nonperforming for at least two years, including consumer loans of under €10,000, credit card debt and overdrafts. The bank is already accepting offers, mainly from foreign funds, which are offering between 4% and 7% of face value for the debt, for which Eurobank has fully provisioned.

Greek banks have committed to the ECB's Single Supervisory Mechanism to sell some €5 billion in bad debt, the newspaper noted. Piraeus Bank SA is expected to offload €1.5 billion of debt and Alpha Bank AE and National Bank of Greece SA smaller amounts.