Greece’s largest lender Piraeus Bank said on Monday it agreed to sell a pool of unsecured non-performing loans (NPLs) to APS investments, confirming what banking sources told Reuters last month.

The portfolio labelled Arctos, includes credit card and consumer loans and is part of effort to shrink the bank’s bad debt load.

The sale of the loan pool, which has a gross value of 385 million euros on the bank’s books, is expected to reduce the bank’s non-performing exposures (NPE) ratio by 30 basis points, Piraeus Bank said.

Active in distressed debt markets, APS has been buying, servicing and advising on non-performing loan (NPL) portfolios since 2004. (Reporting by George Georgiopoulos)

Source: Reuters