Hellenic announces new entity to manage NPLs

first_imgHellenic Bank has sold its non-performing loan and real estate management business for €20.6m to a newly established entity APS Debt Servicing Cyprus, which commenced operations on Monday.APS Cyprus which is a member of the APS Holding a.s. group of companies, will manage the bank’s non-performing loans (NPL) and real estate assets.All required regulatory clearances have been received and the transfer was made on July 1, the bank said.APS Cyprus is acquiring the operations of the bank’s internal Arrears Management Division (AMD), including the necessary resources to independently carry out the servicing of non-performing loans and real estate assets.Simultaneously, the bank has executed a 10-year service level agreement with APS Cyprus for the management of the bank’s non-performing loan and real estate portfolio. The bank retains the ownership of the portfolio.APS Cyprus is 51 per cent owned by APS Holding and 49 per cent by the bank. APS Cyprus will assume all operating expenses associated with the management of the bank’s NPL and REO Portfolio including but not limited to the costs of payroll, IT licences, processes, products and services.Some 129 employees from the bank’s AMD are moving to APS Cyprus while additional resources, expertise and knowhow will be brought in as needed to further enhance the capabilities and capacity of the operation.Non-performing loans with a value of approximately €2.3bn and real estate assets with a value of approximately €150m will be managed by APS Cyprus for an administration fee payable by the bank to APS Cyprus.APS Holding is a leading company in the management and recovery of loan portfolios and real estate within central and south-eastern Europe. Founded in 2004, APS Holding is headquartered in Prague.You May LikeFigLeaf Beta AppHow to Become Fully Anonymous Online in Less Than 3 Minutes? Better safe than sorryFigLeaf Beta AppUndoClassmates.comLook For Any High School Yearbook, It’s FreeClassmates.comUndoTruthFinder People Search SubscriptionOne Thing All Liars Have in Common, Brace YourselfTruthFinder People Search SubscriptionUndo Pensioner dies after crash on Paphos-Polis roadUndoTurkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img