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Dracopoulos and Vassalakis and YLP Advise Piraeus Bank on Sale of Vega NPL Portfolio

Dracopoulos and Vassalakis and YLP Advise Piraeus Bank on Sale of Vega NPL Portfolio

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Dracopoulos and Vassalakis, working with Your Legal Partners, has advised Greece’s Piraeus Bank on its sale of 30% of the mezzanine notes of its securitized Vega non-performing loans to Intrum AB.

Intrum AB is a Stockholm-based provider of credit management services. The company was founded in 1923 and is currently present in 25 countries in Europe and South America.

The Vega portfolio consists of three special purpose vehicles, namely Vega I NPL Finance DAC, Vega II NPL Finance DAC, and Vega III NPL Finance DAC, with a total gross book value of approximately EUR 4.9 billion.

According to Dracopoulos and Vassalakis, “the bank has applied for the provision of a guarantee by the Greek State on the senior notes of circa EUR 1.4 billion [as a part of the] Hercules Asset Protection Scheme, pursuant to the Law 4649/2019.”

Dracopoulos and Vassalakis did not reply to an inquiry about the deal.

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