Our firm advised Intrum Group in Project Iris, an acquisition of a non-performing retail and small businesses and leasing exposures portfolio of gross book value of c. € 0.7 billion originated by Piraeus Bank SA, Piraeus Leasing SA and Piraeus Leases SA. Intrum Group acted as part of a joint venture with the European bank for Reconstruction and Development (EBRD) for the acquisition of the portfolio whereas the servicing has been assigned to by Intrum Hellas.
Zepos & Yannopoulos assisted Intrum Group from the very preparatory stages of Project Iris and the submission of binding offers, to the negotiation and execution of the Greek law governed sale and purchase agreement, on to the drafting and negotiation of all ancillary operational agreements and any other steps required for the successful closing of the Project. The transaction was effected pursuant to Greek law 4354/2015, the first time this law was used to transfer secured exposures, in a multi-seller signing, closing and registration process amidst a strict lockdown due to Covid-19 pandemic.
The transaction team was led by partner Kely Pesketzi and senior associate Mary Nigritinou, assisted by associates Vivian Efthymiou and Pinelopi Klara and other Zepos & Yannopoulos members.
