Alpha Bank announces successful completion of Galaxy deal

Greek systemic lender Alpha Bank on Tuesday announced a successful conclusion of a deal with Davidson Kempner Capital Management LP to sell-off 80 percent of its loan servicing subsidiary Cepal Holdings, as well as sale of 51 percent of the mezzanine and junior securitization notes of a 10.81-billion-euro NPE portfolio, known as the “Galaxy Securitizations”.

The ATHEX-listed bank updated business plan specifies a further reduction in NPEs to 7 percent of a NPE in 2022 (at the group level), and 2 percent by the end of 2024.