National Bank of Greece SA agreed to sell a roughly €1.2 billion unsecured nonperforming portfolio of credit cards, consumer loans, small-business loans and small and medium-sized enterprise loans to CarVal Investors LLC.

The bank noted that the consideration for the deal is equivalent to over 9% of the principal amount of the NPL book and will also improve its capital.

Alantra serves as financial adviser to NBG in relation to the sale, with Karatzas & Partners acting as external legal counsel.

The transaction follows the recent sale of an NPL book with an outstanding principal amount of about €2 billion to Carval and Sweden's Intrum AB.