Karatzas & Partners, in its tradition for innovation, is delighted to announce that it has advised in its recently completed NPL reduction acceleration plan Project Cairo, that is now a model for other transactions in the sector.
Project Cairo included the merger with absorption of Grivalia Properties S.A. by Eurobank, a multi-asset securitization of NPEs (namely three securitizations of residential mortgage loans, consumer and corporate loans) of gross book value of c. € 7.5 billion and a hive down process with the establishment of a new legal entity which became ipso jure the universal successor of the activities transferred to it. The senior notes issued are the first to benefit from the recently enacted Hellenic Asset Protection Scheme. The Cairo transaction allowed Eurobank to reduce its NPL ratio to 15.6%.
Karatzas & Partners has been advising Eurobank in all steps of the transaction since 2018 and has been central in the planning and implementation of all steps required in this most complex transaction.