Alpha Bank to sell bad loan portfolio to Fortress and Davidson Kempner

ATHENS (Reuters) – Alpha Bank ACBr.AT, one of Greece’s four largest lenders, said on Friday it signed a binding agreement to sell a 650 million euro ($717.34 million) portfolio of corporate bad loans to Fortress and Davidson Kempner.

The transaction, named project Hermes, is expected to reduce Alpha Bank’s non-performing exposures (NPE) ratio by 10 basis points, it said.

The deal is expected to be completed within May.

($1 = 0.9061 euros)

(Reporting by Lefteris Papadimas)