New servicer company
Piraeus Bank establishes the leading credit servicing company in Greece.
On September 16, 2019, as a first step towards the implementation of the strategic partnership with Intrum, Piraeus Bank's internal Recovery Banking Unit was transferred to a new servicer company named Alternative Financial Solutions (AFS).
The new servicer company mandate is for the exclusive servicing of Piraeus Bank's existing non-performing loans, along with the new ones that will be created. Furthermore, the new company will also service third party claims.
The new company is licensed and supervised by the Bank of Greece.
The majority of the portfolio serviced by the new company has been transferred from Piraeus Bank to a special purpose company through a securitization process.