According to IFC website, the existence of a strong Distressed Assets (DA) market constitutes an important element contributing to the stability of the financial sector in any economy. In this context, the proposed project is part of IFC’s program to promote the development of a DA market in Greece. To achieve this, IFC will co-invest alongside Hoist Finance and other potential investors in a Special Purpose Vehicle (DARP SPV) to support the acquisition and resolution of a portfolio of non-performing loans (NPLs) originated by a Greek bank. The portfolio consists of retail and small business loans.
IFC expects the following project and market level impacts:
- Positive impact on financial institutions and borrowers: (i) through this project, IFC is supporting the acquisition of an NPL portfolio from a systemic Greek bank with the aim to strengthen the capacity of the banking industry in the country to lend and help finance recovering borrowing demand; and (ii) IFC anticipates that the project will help Greek borrowers to normalize their defaulted positions, regain access to credit, and return to active participation in the financial system.
- Boost market competitiveness and integration: the implementation of this project is expected to contribute towards the development of local servicing capacity and provide a model for other investors to replicate as they consider entering the country.
Hoist Finance AB (publ)
Head of Investor Relations
+46 (0)79 591 73 11
103 99 StockholmSweden
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