White & Case has advised Piraeus Bank, S.A. on the sale and transfer of a portfolio of non-performing, denounced unsecured retail consumer and credit cards exposures equivalent to EUR 2.238 billion total legal claims or EUR 385 million on-balance sheet gross book value to APS Investments S.a.r.l.
The transaction involved the establishment of a virtual data room for review by bidders, an active bid process with multiple potentially interested parties, and the negotiation of a sale and assignment agreement once a preferred bidder was selected. The transaction aligns with Piraeus’s strategy of reducing its NPE stock.
The White & Case team was co-led by Frankfurt/London based Partner Dennis Heuer and London-based Partner Gavin Weir and included local Frankfurt Partners Daniel Baierlein, Brussels-Luxembourg Partners Christophe Balthazard and Vincent Naveaux, and London-based Associates James Tanner and Hyder Jumabhoy, along with Prague-based Associate Ida Kucerova.
White & Case did not reply to an inquiry about the deal.