Credit Agricole Said to Seek Buyer for $554 Million Greek LoansSharon Smyth and Christos Ziotis
Credit Agricole Leasing Greece, Credit Agricole SA’s remaining business in the country, is seeking buyers for around 400 million euros ($554 million) of loans mostly backed by real estate, according to two people with knowledge of the matter.
Three groups have been shortlisted to purchase the loans after 16 parties made non-binding preliminary offers, the people said. Binding offers are due in May, said the people, who asked not to be identified because the information isn’t public.
Around 80 percent of the loans, some paying interest and others in default, are backed by 150 buildings around Greece and the rest are guaranteed by leased equipment, the people said.
Anastasios Karkazis, head of Credit Agricole Leasing in Athens, declined to comment. Credit Agricole, based in Montrouge, France, is the country’s third-largest bank.