ATHENS, July 2 (Reuters) – Mortgage servicing firm doValue mentioned on Thursday it’s going to deal with a $1.eight billion dangerous mortgage portfolio that Bain Capital Credit score purchased from Nationwide Financial institution of Greece final month.
doValue-Greece mentioned it had signed a memorandum of understanding with Bain to service the portfolio, which contains about 2,800 principally secured company loans.
doValue-Greece is the brand new identify of Eurobank’s mortgage servicing unit FPS which is being acquired by Italian debt restoration agency doValue.
Nationwide Financial institution (NBG) agreed to promote the portfolio, named mission Icon, final month as a part of efforts to scrub up its stability sheet.
The portfolio had a collateral worth of about 600 million euros ($677 million), NBG mentioned final month. The agreed sale worth was about 21% of the portfolio’s principal quantity of 1.6 billion euros, it mentioned on the time.
Bain Capital Credit score is a credit score specialist with $40.eight billion in property underneath administration, investing throughout the spectrum of credit score methods, together with leveraged loans, distressed debt and non-performing loans (NPLs).
It was not instantly obtainable to touch upon the settlement with doValue-Greece. ($1 = zero.8868 euros) (Reporting by George Georgiopoulos; Modifying by Susan Fenton)