Centerbridge Partners exits Cepal to Alpha Bank

Alpha Bank, which already owned a 40% stake in Cepal, will become its sole shareholder.

The bank said in a statement that this transaction is a further step in the implementation of Project Galaxy, with the ultimate objective of restoring its balance sheet strength.

Galaxy is Alpha's bad loan portfolio that consists of retail loans worth €7.6bn and loans to medium-sized and large corporate clients worth €3bn.

Alpha plans to transfer this portfolio to Cepal, which will manage all the bank's NPEs, becoming one of the largest credit servicers in Europe.

Subsequently, Alpha intends to launch the securitisation of the Galaxy portfolio, which has already attracted strong interest from numerous financial investors, including Cerberus, Pimco, Bain Capital Credit and Apollo, according to press reports.

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• Topics
• Exits
• Southern Europe
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• Greece