National Bank of Greece on Friday announced it has submitted an application for the inclusion of NBG’s Frontier securitization under the Hellenic Asset Protection Scheme “Hercules”.
In the context of its transformation program, National Bank of Greece SA has launched the securitization of a portfolio of non-performing loans under the project name “Frontier”, accounting for 6.1 billion euros in terms of gross book value.
The Bank has submitted on Friday an application for the inclusion of Frontier under the “Hercules” guarantee scheme, according to the provisions of Law 4649/2019. The application provides for a guarantee by the Greek state for senior notes with a total value up to 3.31 billion euros.
Both the transaction process and the approval for the guarantee by the Greek state are currently underway.