doValue to manage 4.3 bln euros of Alpha Bank's bad loans in Cyprus [Reuters (UK)]
ALPHA SVCS & HLDGS S/ADR (ALBKY)
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Source: Reuters
doValue to manage 4.3 billion euros of Alpha Bank's bad loans in Cyprus - Reuters 1 Min Read MILAN (Reuters) - Italy’s biggest loan recovery specialist doValue ( DOVA.MI ) said on Monday it had agreed with Greece’s Alpha Bank ( ACBr.AT ) to manage a gross 4.3 billion euro ($4.7 billion) portfolio of non-performing loans and real estate assets in Cyprus. doValue, a product from the spinning off of Italy’s UniCredit’s debt collection unit, would also manage any of Alpha Bank’s future non-performing loans and real estate assets in Cyprus, it said in a statement. Under the agreement, doValue’s non-performing assets under management in Cyprus rise to about 11 billion euros out of a total of approximately 20 billion euro in the country, it added. In August, Greece’s top four banks agreed to have doValue, then called doBank, manage a combined 1.8 billion euros worth of their non-performing credits. Reporting by Giulio Piovaccari; Editing by Edmund Blair All quotes delayed a minimum of 1
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