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Zepos & Yannopoulos Advises Intrum on Piraeus Bank’s EUR 500 Million NPL Securitization

Zepos & Yannopoulos Advises Intrum on Piraeus Bank’s EUR 500 Million NPL Securitization

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Zepos & Yannopoulos, working with White & Case, has advised Intrum and Intrum Hellas on the securitization transaction involving Piraeus Bank's Sunrise III non-performing loan portfolio with a total gross book value of EUR 500 million.

"Intrum has agreed to purchase 44% of the mez and junior notes, subject to customary conditions precedent," Zepos & Yannopoulos informed.

"The Sunrise III transaction is the third transaction under the wider Sunrise transformation program that Piraeus Bank announced in March 2021," according to White & Case. "Intrum and Piraeus Bank have already closed six other Hellenic Asset Protection Scheme securitizations as part of their successful strategic partnership, now totaling over EUR 17 billion gross book value."

In 2021, Zepos & Yannopoulos also advised Intrum on Piraeus Bank’s project Sunrise I (as reported by CEE Legal Matters on July 8, 2021).  

The Zepos & Yannopoulos team was led by Partner Christina Papanikolopoulou and included Senior Associate Athina Palli and Associate Dimitra Androulakaki.

The White & Case team was led by Frankfurt-based Partner Dennis Heuer and included lawyers in Stockholm, Dubai, London, and Frankfurt.

Zepos & Yannopoulos did not respond to our inquiry on the matter.

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