Eurobank is merging with Grivalia in a bid to accelerate the reduction of non-performing exposures to a ratio of approximately 15% by end-2019 and single-digits by 2021. The transaction envisages an NPE deconsolidation of approximately €7bn, with all shareholders keeping potential upside from the assets. The merger will create the best capitalised bank in Greece, with a total capital ratio at 19%, and it is hoped that the real estate management skills of the Grivalia team - led by George Chryssikos - will unlock the value of the combined group’s real estate assets.
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