National Bank of Greece agrees to sell Cypriot-risk non-performing loans (Project Marina) to Bain Capital Credit

National Bank of Greece ("NBG") announces that it has entered into a definite agreement with Bain Capital Credit ("Bain Capital") for the disposal of its 100% stake in a Cypriot Credit Acquiring Company ("CAC Coral") which contains a portfolio of non-performing corporate, SME and consumer and mortgage loans with total Gross Book Value of c. €325 million (€200 million of allocated collateral value). The portfolio consists predominantly of legacy non-performing loans. The transaction is being implemented in the context of NBG's NPE deleveraging strategy and in accordance with the Operational Targets submitted to the Single Supervisory Mechanism ("SSM").

Τhe consideration amounts to c. 31% of the gross book value of the portfolio and the transaction has a neutral capital impact to the Bank.

Alantra Corporate Portfolio Advisors International Ltd is acting as financial advisor to NBG, Milbank LLP and Chryssafinis and Polyviou LLC as international and local external legal counsels and Deloitte Greece as transaction and accounting advisor.

The closing of the transaction is subject to standard conditions precedent, including the approval of the transaction by the Central Bank of Cyprus and the Commission for the Protection of Competition, as well as the consent of the Hellenic Financial Stability Fund.