CrediaBank has reached an agreement with Unión de Créditos Inmobiliarios S.A. E.F.C. for the acquisition of part of the Galene performing mortgage loan portfolio.
CrediaBank’s announcement
CrediaBank (the “Bank”) announces the signing of a definitive agreement for the acquisition from the Spanish financial institution “Unión de Créditos Inmobiliarios, S.A. E.F.C.” (the “UCI” or the “Seller”) of part of a secured claims portfolio arising from performing mortgage loans worth approximately €90 million (with a reference date of March 31, 2025), in terms of outstanding principal (the “Galene Portfolio” or the “Transaction”).
The Transaction took place within the framework of UCI’s broader divestment of all its assets from Greece, where the Bank acted in consortium with the investment scheme Davidson Kempner Capital Management LP (“Davidson Kempner”) and the company Cepal Services and Participations S.A. (“Cepal”).
The Transaction highlights the Bank’s growth potential and its commitment to the consistent implementation of its strategic plan, through the continuous search for and exploitation of opportunities that enhance the creation of long-term value for its shareholders and customers.
Within the framework of the Transaction, the Bank achieves targeted expansion and upgrade of its customer base through healthy assets, while the goal is to further expand operations with customers of this portfolio.
The portfolio acquisition strengthens the Bank’s position in mortgage lending, contributes to maintaining a balanced risk profile while simultaneously allowing further support of creditworthy borrowers throughout Greece.
The Transaction is expected to be completed within 2025. UCI Hellas Claims Management Company, which manages the Galene Portfolio loans on behalf of UCI, will maintain management of the portfolio after the transaction’s completion for a short period, until the migration of loans and related services to the Bank itself is completed.
PwC M&A Consulting Services P.C. (“PwC”) acted as financial advisor to the Bank, while the law firm “Vyzas – Grigoriadou and Associates” (“PwC Legal Services”) served as legal counsel.
