Zepos & Yannopoulos has advised the Intrum Group on Project Iris -- the acquisition made as part of joint venture with the EBRD of an unsecured non-performing exposure portfolio originated by Piraeus Bank, consisting of approximately 53,000 loans with total legal claims of about EUR 1.7 billion and a gross book value of EUR 0.7 billion.
The portfolio was acquired through a special purpose company, Iris Hellas Investments Designated Activity Company, while management of the portfolio was assigned to Intrum Hellas.
According to the EBRD, "as of September 2020, NPEs in Greece stood at EUR 63.5 billion, representing 35.3 per cent of total exposures. The project will further support the stability of the Greek banking sector, helping to reduce the current number of total exposures by Greek banks, in line with the reduction targets agreed with the supervisory authorities."
Zepos & Yannopoulos’s team was led by Partner Kely Pesketzi and Senior Associate Mary Nigritinou and included Associates Vivian Efthymiou and Pinelopi Klara.
Zepos & Yannopoulos did not reply to our inquiry on the matter.