August 1, 2019 / 3:59 PM / 16 days ago

National Bank of Greece to sell 1.2 bln euros of bad loans

ATHENS, Aug 1 (Reuters) - National Bank of Greece has agreed to sell 1.2 billion euros ($1.33 billion) of unsecured non-performing loans to asset manager CarVal Investors as part of efforts to clean up its balance sheet.

“The price of the transaction was above 9 percent of the unpaid principal,” National Bank said on Thursday.

The management of Greece’s second largest bank wants to reduce its non-performing loan portfolio to around 5% of total loans by 2022, from 41% at the end of 2018.

Bad loans are the biggest challenge facing Greek banks, the legacy of the debt crisis that hit the country’s economy. ($1 = 0.9042 euros) (Reporting by Lefteris Papadimas. Editing by Jane Merriman)

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