New servicer company

Intrum and Piraeus Bank established the leading credit servicing company in Greece.

On September 16, 2019, Piraeus Bank's internal Recovery Banking Unit was transferred to a new servicer company. Today, the new servicer company is 80% owned by Intrum, with Piraeus Bank retaining a 20% equity stake

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.