Alpha Bank applies for asset protection scheme
Alpha Bank became the second of Greece's “big four” retail banks to apply to the Hercules asset protection scheme that aims to reduce banks’ exposure to nonperforming loans through their securitization.
Alpha’s application concerns part of its Galaxy project, the issuance of three bonds totaling €10.5 billion; two of these, Galaxy II and Orion, securitizing 7.6 billion in NPLs, are included in Hercules, with the third note to follow.
Eurobank has already joined the asset protection scheme with its Cairo portfolio; Piraeus Bank is expected to follow with its own Phoenix portfolio next week.
