EuropeFinance and Insurance

Piraeus Bank sells a tranche of its shipping business

Piraeus Financial Holding has revealed its subsidiary Piraeus Bank has reached an agreement with an entity affiliated with Davidson Kempner Capital Management for the sale of a shipping non-performing exposure (NPE) portfolio amounting to €400m ($450m) gross book value. The agreed consideration will reach approximately 53% of the portfolio gross book value.

Piraeus Bank has become one of the fastest growing Greek ship finance banks in recent years. Greece’s Petrofin Bank Research lists the bank as the largest Greek ship financier, just ahead of Alpha Bank.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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