B2Holding ASA, via its fully owned subsidiary Ultimo Netherlands BV, has entered into an agreement to acquire a residential mortgage Non-Performing Loan (NPL) portfolio from Romanian Bank Banca Comerciala (BCR) in a 50/50 partnership with EOS Investment RO GmbH (“EOS”).
The portfolio consists of some 6,800 loans secured by real estate collaterals. The portfolio has a Nominal Value of some EUR 370 million. BCR is Romania’s number.one bank in terms of asset value. B2Holding’s partnership with EOS on this portfolio investment offers many benefits, including risk mitigation and the opportunity to form a relationship with a key regional player in the market. B2Holding and EOS will share responsibility for managing the portfolio on an equal basis.
Olav Dalen Zahl, Chief Executive Officer of B2Holding said “We appreciate the time and commitment that both BCR and EOS have dedicated to this complex transaction. After spending time with the management of EOS, we are comfortable that this partnership will deliver maximum value to our shareholders from the portfolio, while expediting our growth in Romania and SEE”
The transaction is expected to close during December 2016.