Hellenic Bank Public Company Limited (CSE:HB) entered into an agreement to acquire Performing loan portfolio of RCB Bank Ltd on March 22, 2022. The Transaction involves a performing loan portfolio of gross book value of 556 million, related cash collateral and other credit balances1 of 89 million and letters of guarantee of 23 million. The loan portfolio comprises: Tranche A (relating to only Cypriot exposures) of 292 million and Tranche B of 264 million.
Transaction is subject to relevant due diligence, final agreement and all relevant regulatory approvals. The acquisition of Tranche A is expected to be completed by March 24, 2022, while the acquisition of Tranche B is expected to be completed by May 31, 2022. On March 24, 2022, The European Central Bank approved the sale of the bank's 556 million performing loan portfolio to Hellenic Bank with some regulatory restrictions.
As of March 24, 2022, Bank has completed the acquisition of Tranche A of the the performing loan portfolio from RCB Bank Limited. As of June 20, 2022, Bank has completed the acquisition of Tranche B of the the performing loan portfolio from RCB Bank Limited. KPMG acted as the Hellenic Bank Financial Advisor and Georgiades & Pelides LLC as the Hellenic Bank Legal Advisor.