Alpha Bank on Friday announced it has reached a binding agreement for the selling of a non-performing loans portfolio with a book value of around 650 million euros named "Project Hermes" to Fortress and Davidson Kempner.

The new agreement comes as a result of the successful course of restructuring the bank's balance sheet and reducing Alpha Bank's NPLs by more than 25 billion euros since 2018. Project Hermes is a multi-dimensional transaction of two sub-portfolios with two buyers which proves Alpha Bank's ability to reach complex transactions in a demanding macro-economic environment taking advantage of the strategic relationsf forged with international investments. More specifically, a portfolio with a book value of 240 million euros was sold to companies related with Fortress Credit Corp, while the remaining portfolio worth 410 million euros was sold to a company financed by investment funds related with Davidson Kempner Capital Management and Fortress Credit Corp. Completion of Project Hermes is expected within the month and will have a positive impact of more than 10 basis points on the bank's supervisory capital.