Quantcast
doValue to manage 4.3 billion euros of Alpha Bank’s bad loans in Cyprus – Metro US

doValue to manage 4.3 billion euros of Alpha Bank’s bad loans in Cyprus

doValue to manage 4.3 billion euros of Alpha Bank’s bad loans in Cyprus
Reuters

MILAN (Reuters) – Italy’s biggest loan recovery specialist doValue said on Monday it had agreed with Greece’s Alpha Bank to manage a gross 4.3 billion euro ($4.7 billion) portfolio of non-performing loans and real estate assets in Cyprus.

doValue, a product from the spinning off of Italy’s UniCredit’s debt collection unit, would also manage any of Alpha Bank’s future non-performing loans and real estate assets in Cyprus, it said in a statement.

Under the agreement, doValue’s non-performing assets under management in Cyprus rise to about 11 billion euros out of a total of approximately 20 billion euro in the country, it added.

In August, Greece’s top four banks agreed to have doValue, then called doBank, manage a combined 1.8 billion euros worth of their non-performing credits.

(Reporting by Giulio Piovaccari; Editing by Edmund Blair)

More from our Sister Sites