Greece’s National Bank to sell three soured loans… – News Report

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ATHENS, May 17 – Greece’s second-largest lender National Bank (NBG) will sell three portfolios of non-performing loans this year, its chief executive said on Friday.

Presenting the bank’s 2019-2022 strategy, Chief Executive Officer Paul Mylonas told reporters that the bank plans to securitise about three billion euros ($3.35 billion) of soured loans in the next four years.

Soured loans are the biggest challenge facing Greek banks, the legacy of a multi-year debt crisis that shrank the country’s economy by a quarter and drove unemployment to a high of nearly 28% in 2013. ($1 = 0.8957 euros) (Reporting Lefteris Papadimas)

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