Romanian Patria Bank sells EUR 70 mln NPL bundle to Kruk

Romania’s Patria Bank sold to Kruk Romania a bundle of 934 non-performing secured loans (NPL) granted to legal persons and individuals, with a nominal value of RON 332 million (EUR 70 mln), the bank announced on January 25. This was the second phase of Patria Bank's NPL sale project started in 2018, which was aimed at improving the profitability indicators, which have already shown a positive trend beginning with the second quarter of 2018. In October 2018, Patria Bank sold another NPL bundle consisting of unsecured loans granted to individuals with a nominal value of around RON 245 million (EUR 52.4 mln). Patria Bank is controlled by the Emerging Europe Accession Fund (EEAF), a private equity fund managed by local firm Axxess Capital whose main investors are the European Bank for Reconstruction and Development (EBRD), the European Investment Fund (EIF) and development bank DEG. In April 2017, the Bucharest Court of Appeal approved the merger between Banca Comerciala Carpatica and Patria Bank. editor@romania-insider.com