Hellenic completes sale of €144m NPLs to B2Kapital


By Stelios Orphanides

Hellenic Bank said that it completed the sale of a €144m non-performing loans portfolio to B2Kapital Cyprus Ltd, a unit of Norway’s B2Holding, at an unspecified consideration.

The sale affects 1,809 “predominantly non-retail secured and unsecured” loans and 1,082 borrowers as per May 31, Hellenic said in a statement on the website of the Cyprus Stock Exchange on Wednesday.

“The transaction is not expected to have a material impact on the results and the capital position of the bank as a result of the provisions made concerning the assets in question,” the bank added. “The transaction is in accordance to the bank’s strategy of repairing its balance sheet and at the same time, it is in line with the European Central Bank’s (ECB) guidelines on the management of non-performing loans”.

In a separate statement, B2Kapital said that it will get in touch with the affected buyers, guarantors and collateral providers, as provided by law.

“Cooperative borrowers will benefit the most from the completion of the purchase as they will be offered custom-made solutions such as extension to the debt repayment, low interest rates,” B2Kapital said and added that it may also resort to writing down interest or even part of the debt.

B2Kapital, which received the required licence to buy loans from the Central Bank of Cyprus last month, added that those who are in position to settle their debts immediately, may enjoy additional benefits.



About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Bilbo Bawbag

    This is where the fun starts …..

  • CyprusOilMan

    I only hope these B2K folk know what they’re getting into? This isn’t Norway. What makes them think that they have any more ability to collect these debts than a major local bank? I can only assume they paid peanuts for this delinquent portfolio, and HB were happy to accept a massive write-down.

    • They mention guarantors too seems weird. Perhaps a change in the law is about to arrive to speed repossessions up.

      • CyprusOilMan

        I think I spotted a flock of pigs flying over Nicosia this morning 😉

        • Flamingos tycoon dude ! I see the IMF are getting the nasty role of suggesting more efficient repossessions 😉 God forbid a local recommend it 😉

    • Bruce

      Yes one would like to know the pricing of the portfolio sold to B2K and whether Hellenic Bank has covered its write- downs.

  • martin

    you better look out they are coming to get you,and b2k are not cyp and they will hit you hard

  • clergham

    Would have preferred an aggressive ‘take no prisoners ‘ chainsaw US Vulture Fund, particularly one prepared to bankrupt guarantor Deputies, but this is better than nothing