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Czech debt collector, Hellenic Bank strike NPL deal

Czech debt collector APS Holding a.s. and Hellenic Bank Public Co. Ltd. signed an agreement regarding the management of real estate assets and the servicing of the bank's nonperforming exposure portfolio, totaling around €2.4 billion.

Under the reached agreement, the two companies will set up a new firm, in which APS Recovery Cyprus Ltd. will have a 51% stake. Hellenic Bank will retain ownership of the portfolio and the real estate assets, the lender said Jan. 11.

The completion of the deal is planned for the end of the first quarter of 2017, subject to regulatory approval.

In addition to Cyprus, APS Holding also plans to enter the Hungarian and Croatian market in 2017 and eyes further development opportunities in Italy, Greece and Turkey, Czech daily Hospodarske Noviny reported Jan. 19, citing APS Holding spokesman Karel Pluhar. In Croatia, the Czech firm already agreed to purchase a portfolio of NPLs worth €142 million from Hrvatska poštanska banka d.d., the newspaper said.

In 2016, APS Holding acquired a €1.3 billion NPL portfolio in Romania.