The new 100 and 200 Euro banknotes with new security options are introduced at the headquarters of Germany’s Federal reserve Bundesbank in Frankfurt, Germany, May well 21, 2019. REUTERS/Kai Pfaffenbach

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ATHENS, April 5 (Reuters) – Credit score servicer doValue Greece, a subsidiary of Italy’s largest debt recovery organization doValue (DOVA.MI), reported on Tuesday it was awarded a new mortgage servicing mandate for a 500 million euro ($548.4 million) poor loan portfolio named Venture Neptune.

The portfolio comprises compact and medium-measurement business enterprise financial loans secured by authentic estate.

In 2020, an entity affiliated with money managed by Fortress Financial investment Group bought the portfolio from Alpha Bank (ACBr.AT), one particular of Greece’s four most significant loan providers, with a gross ebook worth of about 1.1 billion euros. Fortress assigned transitional servicing to Greek mortgage servicing company Cepal.

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DoValue will presume the servicing of about 50% of the first portfolio comprising small business enterprise non-undertaking financial loans secured by true estate belongings in Greece.

Greek banks have been cleansing up their equilibrium sheets from NPLs by means of outright product sales and securitisations in an effort to achieve single-digit ratios to convey them shut to euro zone averages.

Last Oct, doValue agreed a deal with Nationwide Lender (NBGr.AT), 1 of Greece’s premier lenders by belongings, to assistance a 5.7 billion euro terrible bank loan portfolio.

Verona-dependent doValue was established up in 2015 when UniCredit (CRDI.MI) spun off its debt-servicing arm in a offer with Fortress Investment decision Group, the U.S. fund that was afterwards acquired by SoftBank.

($1 = .9118 euros)

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Reporting by George Georgiopoulos Enhancing by Mike Harrison

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