DoValue Group, an Italian loan servicing unit owned by Japan's Softbank, has won a mandate to manage Alpha Bank's non-performing loan asset management business in Cyprus following an international bidding process.
The sale, known as Project Saturn, involves Non-Performing Exposures (NPEs) and Real Estate Owned (REO) assets with a gross book value of €3.2 bn backed by a total of 12,000 property assets across the island.
Under the deal, DoValue will establish a dedicated servicing company in Cyprus, which will acquire Alpha Bank’s existing Cypriot NPE management business.
The agreement forms part of Alpha Bank’s strategy to reduce NPEs in line with regulatory commitments, the Greek lender said, while allowing it to focus on further developing its core business.
The transaction is expected to be concluded by the first quarter of 2020.
DoValue, formerly known as doBank, is a major Southern European operator focused on the management of Non-Performing Loans on behalf of banks and investors. Present in Italy, Spain, Portugal, Greece and Cyprus, DoValue manages €140 bn of assets with over 2,200 employees.
