Loan servicing company doValue to handle Bain Capital Credit's Greek NPL portfolio
ATHENS, July 2 (Reuters) - Loan servicing company doValue said on Thursday it will handle a $1.8 billion bad loan portfolio that Bain Capital Credit bought from National Bank of Greece NBGr.AT last month.
doValue-Greece said it had signed a memorandum of understanding with Bain to service the portfolio, which comprises about 2,800 mostly secured corporate loans.
doValue-Greece is the new name of Eurobank's EURBr.AT loan servicing unit FPS which is being acquired by Italian debt recovery firm doValue DOVA.MI.
National Bank (NBG) agreed to sell the portfolio, named project Icon, last month as part of efforts to clean up its balance sheet.
The portfolio had a collateral value of about 600 million euros ($677 million), NBG said last month. The agreed sale price was about 21% of the portfolio's principal amount of 1.6 billion euros, it said at the time.
Bain Capital Credit is a credit specialist with $40.8 billion in assets under management, investing across the spectrum of credit strategies, including leveraged loans, distressed debt and non-performing loans (NPLs).
It was not immediately available to comment on the agreement with doValue-Greece.
($1 = 0.8868 euros)
(Reporting by George Georgiopoulos; Editing by Susan Fenton)
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