Eurobank FPS renamed to doValue Greece
Following the agreement reached on December 19, 2020 between Eurobank Ergasias S.A. (“Eurobank”) and do Value S.p.A. (“doValue”), including the sale of 80% of Eurobank Financial Planning Services S.A. (“FPS”), and after concluding the relevant transactions on June 5, 2020, Eurobank FPS is renamed to doValue Greece.
Eurobank and doValue have reached a strategic, fourteen (14) years agreement under which the Bank transfers to doValue Greece the servicing of all of its Non Performing Exposures (NPEs), as well as the servicing of all loans that are less than 90 days in arrears. Along with the Bank’s portfolios, doValue Greece will continue to manage the Pillar portofolio, that was the first Significant Risk Transfer (SRΤ) transaction in Greece, the Cairo portfolio, which is the biggest securitization transaction in Greece to date and one of the larger in Europe, as well as other, third party, portfolios. Out of seven (7) portfolios currently under management and totalling more than €26 bn euros, 40% relate to Eurobank and the remaining 60% to other, international investors.
DoValue Greece has a staff of 1.000, of which around 400 voluntarily transferred from Eurobank.
Mr. Theodore Kalantonis, Executive Chairman at doValue Greece stated: “doValue Greece enjoyes a leading position in Credit Management and Real Estate management in the Greek Market. Joining the doValue Group, a European leader in the industry, it creates a growth hub in Greece and Southeastern Europe. Our role is to contribute to the consolidation of the economy and assist the financial systemto adapt to current needs, as a third pillar of the financial system along banks and insurers. Acting with transparency, credibility and proffesionalism, we innovate in our field and we create value for our society, our customers and our investors”.
Mr. Tasos Panousis, Chief Executive Officer at doValue Greece stated: «We usher a new era. Our target is to become the benchmark in managing Credit and REO Real Estate. We introduce and make the most of best practices. We are results-driven and we create new perspectives. We have the necessary size, strong shareholders, know–how and above all our human resources, therefore we are in a privileged position to lead and co-shape our market. We aim high, always follow our code of ethics and we reward outstanding performance. These are our values, the essence of doValue's DNA. "
Eurobank FPS was established in 2006, as a subsidiary of Eurobank Group. It has received, since March 2017, a licence for managing Loans and Credit from its supervisor, the Bank of Greece. It is in a constant growth trajectory and has become the largest company in the Greek market, in terms of loans under management, having secured management contracts with international investors and providing a full range of services: Consulting (Advisory, Due Diligence, Underwriting), Debt Servicing and Real Estate Management (REO).
DoValue is the leading servicer in South Europe, with activity in the fields of loan and real estate management, coming mainly from Non Performing Exposures, on behalf of banks an investors. After the integration of doValue Greece in the Group, doValue currently manages more than €162 bn in loans and real estate, having a deep knowledge of all kinds of credit exposures in all phases of their cycle.
