Piraeus Bank has completed the sale of a portfolio of non-performing loans to a business run by Waterwheel Capital Management LP, with a gross book value of roughly €0.35 billion at the cut-off date.

PRICE

As the company said in a related announcement, the total agreed price amounted to approximately 31% of the gross book value of the portfolio. The portfolio has been classified as held for sale as of December 31, 2023. The impact of the completion of the transaction and its derecognition on the results of operations, as well as the impact of the reduction of the risk-weighted assets ("RWA") associated with the portfolio, have already been incorporated into the total pro forma capital ratio as of June 30, 2024, of Piraeus Financial Holdings.