Following relevant previous announcements, Piraeus Financial Holdings SA informs the investing public that after receiving all the necessary approvals, the securitization transaction of non-performing exposures of its subsidiary “Piraeus Bank SA” was completed, entitled “Sunrise II”, with a total gross book value of € 2.7 billion.
Piraeus Financial Holdings SA transferred forty-four percent (44%) to Intrum AB (publ) and seven percent (7%) to Serengeti Opportunities Partners LP on the mezzanine notes of the securitization it had acquired through a group intercompany transaction.
Piraeus Bank will hold five percent (5%) of the intermediate and low repayment priority bonds of the Sunrise II securitization, in accordance with the securitization supervisory framework. In addition, Piraeus Bank will retain one hundred percent (100%) of high repayment bonds.
Piraeus Financial Holdings is considering the possibility of distributing to its shareholders part or all of the remaining percentage of these bonds, subject to obtaining the required corporate and regulatory approvals.
The transaction capital increase is +50 basis points on the total capital adequacy ratio in September 2021 as a result of the easing of risk-weighted assets or +120 basis points cumulatively and with the impact of the Mayfair transaction as announced by Financial Holdings. December 20, 2021, the announcement concludes.
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