Alpha Bank to sell bad loan portfolio to Hoist Finance

Alpha Bank (ACBr.AT), one of Greece’s four largest lenders, said on Friday it signed a binding agreement to sell a 400 million euro ($407 million) portfolio of unsecured bad loans to Hoist Finance AB for 34 million euros.

The transaction, named project Light, is expected to reduce Alpha Bank’s non-performing exposures (NPE) ratio by 0.5 percentage points, it said.

The deal is expected to be completed in the fourth quarter of 2022.

($1 = 0.9816 euros)