Pancreta Bank has signed an agreement with Quant Master Servicer ("Quant") for the management of a part of the Non-Performing Exposures (NPE) portfolio. Quant was selected as the preferred servicer following a competitive process conducted by the bank, with the participation of more than 10 management companies.
The portfolio, named Kastor, has a total value of approximately 670 million euros in accounting terms and consists of approximately 90% business loans to small and medium-sized enterprises secured by properties primarily located in the geographical region of Crete.
The management strategies to be implemented will be tailored to the specific needs of this portfolio and will utilise the full range of solutions provided by the existing legislative framework, focusing on restructuring solutions to ensure the businesses' long-term viability. Completing this transaction is part of Pancreta Bank's transformation strategy following its conversion into a Joint Stock Company, which includes, among other things, the balance sheet deleveraging and establishing the necessary conditions for its development path.
Quant, a member of the Qualco Group, is the largest independent debt and credit management company in Greece. With assets under management exceeding 12 billion euros, it is the first Greek debt management company to obtain international Servicer certification from Fitch, with a rating of 2-, the second-highest rating on the FitchRatings scale. Headquartered in Athens and the United Kingdom, France, and Cyprus, the Qualco Group serves over 70 organisations in more than 30 countries worldwide. It has established a strategic partnership with the global investment management company PIMCO. Today, the Qualco Group employs over 500 employees and partners, covering a significant range of specialised services.