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Greek unit of doValue in deal with Bain Capital on National Bank bad loans

ATHENS, Feb 15 (Reuters) - The Greek unit of debt recovery firm doValue said on Monday it had reached a deal to exclusively service Bain Capital Credit’s 1.6 billion euro ($1.9 billion) portfolio of impaired debt acquired last week from National Bank.

National Bank, one of Greece’s four biggest lenders, completed the sale of the Icon portfolio of bad loans last week to credit specialist Bain Capital Credit, with Morgan Stanley acting as its financial adviser.

doValue-Greece said it uploaded the portfolio, known as ‘Project Icon’, on its systems. The portfolio comprises mainly secured small business loans from more than 1,500 debtors.

Last year Italy-based doValue acquired 80% of Greek lender Eurobank’s loan servicing unit FPS and renamed it doValue-Greece.

In November doValue clinched a deal with Bain Capital Credit to exclusively service 650 million euros of bad loans that originated in Cyprus.

That impaired loans portfolio, known as Project Marina, was originated by National Bank. It comprised mainly secured corporate and small business loans of more than 2,000 debtors. ($1 = 0.8249 euros) (Reporting by George Georgiopoulos; Editing by Susan Fenton)

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