Completion of the acquisition of Tranche A relating to the performing loan portfolio of RCB Bank
24 March 2022
Hellenic Bank Public Company Limited (the “Bank”) announces that, today, it has successfully completed the acquisition of Tranche A of the performing loan portfolio from RCB Bank Limited (“RCB Bank”), which was announced on 22 March 2022.
The Bank has received all regulatory approvals for acquiring Tranche A of the performing loan portfolio.
Tranche A relates to Cypriot exposures of gross book value of c. €292mn, related cash collaterals and other credit balances of c. €33mn and letters of guarantee of c. €1mn. The main sectoral exposures of Tranche A are: 36% wholesale and retail trade, 28% hotels, and 12% real estate and construction. Existing clients of the Bank account for 62% of Tranche A loan portfolio.
The Bank is proceeding with completing the acquisition of Tranche B (c. €264mn of gross book value) by 31 May 2022, which is subject to relevant due diligence, final agreement and all relevant regulatory approvals.
With final figures subject to the fair value assessment.
HELLENIC BANK PUBLIC COMPANY LIMITED