Major Greek lender agrees to sell off shipping loans

Greece’s National Bank (NBG), the country’s second-largest lender, has signed deals to sell a €262m ($289m) portfolio of shipping loans to investment funds. The move is a part of its effort to reduce its load of sub-prime credit.

The bank said that it offloaded the loans for around 50% of their outstanding balance, as of end June 2019.

NBG said NatWest Markets advised it on the sale, while Cross Ocean Partners advised the funds buying the loans which will be serviced by Quant Master Servicer, a firm licenced by the Bank of Greece.