Under Project Etalia A, NBG agreed to sell a secured NPE portfolio with a gross book value of €0.1 billion to investment funds managed by Bain Capital. The portfolio includes non-performing consumer, residential mortgage, and SME loans backed by real estate and other collateral. The transaction price represents approximately 45% of the gross book value, and completion is expected by Q1 2026. Upon closing, portfolio servicing will be assigned to a licensed loan management company in accordance with Greek regulations.
Separately, under Project Etalia B, NBG finalized an agreement with funds managed by EOS Group for the sale of an unsecured NPE portfolio also totaling €0.1 billion in gross book value. The portfolio comprises non-performing consumer, mortgage, and corporate loans (SMEs and large corporates) without collateral. The transaction was priced at over 25% of the gross book value, with completion likewise expected in Q1 2026. The servicing of this portfolio will be undertaken by EOS Matrix Greece, a licensed debt management firm.
Both transactions are expected to strengthen NBG’s capital position and are aligned with its strategic objective to reduce legacy NPEs and improve asset quality.
Morgan Stanley & Co. International plc acted as financial advisor and Karatzas & Partners Law Firm as legal counsel to NBG in both transactions.
