Greece's National Bank Dumps Impaired Shipping Loans

National Bank (NBG) has signed deals to sell a 262 million euro ($288.78 million) portfolio of shipping loans to investment funds as part of its effort to reduce its load of soured credit, Greece's second-largest lender said on Wednesday.

The bank said it sold the loans for about 50% of their outstanding balance as of end June 2019. The transaction will have a marginal impact on its Core Tier 1 capital ratio.

NBG said Cross Ocean Partners advised the funds buying the loans which will be serviced by QQuant Master Servicer, a firm licenced by the Bank of Greece.

NatWest Markets advised National Bank on the sale.

Reporting by George Georgiopoulos