FINANCE: doValue to manage EUR 4.3 bln of Alpha Bank’s toxic loans in Cyprus

Italy’s biggest loan recovery specialist doValue has agreed with Greece’s Alpha Bank to manage a gross €4.3 bln portfolio of non-performing loans and real estate assets in Cyprus.

DoValue, a product from the spinning off of Italy’s UniCredit’s debt collection unit, would also manage any of Alpha Bank’s future non-performing loans and real estate assets in Cyprus, it said in a statement.

Under the agreement, doValue’s non-performing assets under management in Cyprus rise to about €11 bln out of a total of approximately €20 bln in the country, it added.

In August, Greece’s top four banks agreed to have doValue, then called doBank, manage a combined €1.8 bln worth of their non-performing credits. (source Reuters)