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Piraeus Bank and Intrum Enter into a Long-Term Strategic Partnership, Establishing a Market-Leading Servicer of Non-Performing Assets in Greece Valued at €410mn

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ATHENS, Greece–(BUSINESS WIRE)–Piraeus Bank S.A. announces that it has entered into a strategic
partnership with Intrum for the management of Non Performing Exposures
(“NPE”) and Real Estate Owned Assets (“REOs”) through the establishment
of a market-leading independent non-performing assets servicing platform
in Greece (the “Transaction”).

The key components of the Transaction are:

− Piraeus Bank’s internal Recovery Banking Unit platform will be
transferred to a new servicer company; 80% of the new servicer company
will be held by Intrum and 20% by Piraeus Bank;

− The new servicer company will enter into a contract to service the
Bank’s existing €27bn NPE portfolio, together with any new inflows, on
an exclusive basis. The new servicer company will also manage NPE of
third parties. The initial term of the contract will be for ten years
and will include terms and conditions consistent with similar precedent
market transactions. The new servicer company will be licensed and
regulated by the Bank of Greece;

− A second servicer company will be formed, with the same shareholder
structure that will manage the Bank’s €1bn REOs, together with any new
flows. This company will also service REOs of third parties;

− George Georgakopoulos will assume the role of CEO of the new servicer
companies.

The platform is valued at €410mn with purchase price for Ιntrum’s share
at €328mn.

The transaction is scheduled to close on 1 October 2019.

“This Transaction is a milestone for Piraeus Bank in terms of its
de-risking strategy. We have found in Intrum the right long-term
industrial partner to proceed with this joint venture. The joint venture
will enable us to boost the efficiency and effectiveness of managing our
non-performing exposures. The new Piraeus Bank that will emerge post the
Transaction will be an agile and results-oriented organization. We will
focus on core banking activities and will continue catering to the needs
of our customers, shareholders and stakeholders”, Christos Megalou,
Piraeus Bank’s Chief Executive Officer, said.

The Transaction is contingent on customary conditions, regulatory
approvals and the consent of the Hellenic Financial Stability Fund
(HFSF).

About Piraeus Bank

Piraeus Bank, founded in 1916, is the leading lender in Greece with a
29% loan market share, offering a full range of financial products and
services to more than 5mn customers. Total assets of the Group amounted
to €59bn, net loans to €38bn and customer deposits to €44bn on 31 March
2019. Piraeus Bank employees 12 thousand people in Greece and operates a
nationwide network of 548 units, ranking first in customer satisfaction
in the Greek market. In parallel, the Bank is at the forefront of
digitalization and innovation in Greece, catering for the needs of more
than 1.4mn customers in e-banking services. For more information on
Piraeus Bank: http://www.piraeusbankgroup.com/en/

About Intrum

Intrum is an industry-leading provider of credit management services
with a presence in 24 markets in Europe. Intrum helps companies prosper
by offering solutions designed to improve cash flows and long-term
profitability and by caring for their customers. To ensure that
individuals and companies get the support they need to become free from
debt is one important part of the company’s mission. Intrum has more
than 9,000 professionals who serve around 80,000 companies across
Europe. Intrum is headquartered in Stockholm, Sweden and the Intrum
shares are listed on the Nasdaq Stockholm exchange. For further
information, please visit https://www.intrum.com/.

Disclaimer

This announcement does not constitute or form part of, and should not be
construed as, an offer, solicitation or invitation to purchase,
subscribe for, or otherwise acquire, any securities.

This announcement contains forward-looking statements that are based on
current assumptions of the management of Piraeus Bank and Intrum.
However, there can be no assurance that forward-looking statements will
prove to be accurate, since known and unknown risks, uncertainties and
other important factors beyond their control could lead to material
differences between the forward-looking statements given here and the
actual development. Piraeus Bank and Intrum undertake no obligation to
update forward-looking statements or to conform them to future events or
developments if circumstances or management’s estimates or opinions
should change.

Contacts

For Piraeus Bank
Andy Smith
+44 20 3328 9368

Cannabis

IMCC Appoints Yaron Berger as CEO of IMC Holdings

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Photo source: deutschlandfunkkultur.de

 

IM Cannabis Corp. (the “Company” or “IMCC”) (CSE: IMCC), one of the world’s pioneering medical cannabis companies with operations across Europe, is pleased to announce the appointment of Yaron Berger as Chief Executive Officer of I.M.C. Holdings Ltd. (“IMC“), the Company’s wholly-owned operating subsidiary in IsraelOren Shuster will remain the Chief Executive Officer of IM Cannabis Corp.

Mr. Berger brings more than 10 years of experience in various senior roles both in public and private sectors, leading large-scale operations. Most recently, Mr. Berger was the Chief Executive Officer of Telepharma Ltd. (“Telepharma,” doing business as epharma), a leading wholesaler, direct marketer of prescription drugs and chain of pharmacies in Israel. At Telepharma, among other accomplishments, Mr. Berger re-branded its digital platform and transformed the customer experience. As an early entrant into the medical cannabis sector, Mr. Berger also established Greenpharma under Telepharma, a full-service distributor, patient counselling service provider and online resource for medical cannabis patients in Israel. Prior to his experience in the pharmaceutical sector, Mr. Berger served as the Chief Operating Officer of the National Police Academy and spent over 20 years in the Israeli Air Force, most recently as a Lieutenant Colonel.

Oren Shuster, Chief Executive Officer of IMCC said “Yaron is uniquely qualified to lead our Israeli operations under the new medical cannabis regulatory regime, which requires a high level of engagement and education for the country’s pharmacists on the benefits of medical cannabis. Yaron was an early mover in identifying the opportunity in medical cannabis and we are very excited to benefit from his expertise in the pharmacy channel to maintain IMC’s status as a leading medical cannabis brand in Israel.”

“I am thrilled to be joining the IMC team, who I have known as a leader in the medical cannabis market in Israel over the past ten years,” said Mr. Berger. “The IMC brand is synonymous with quality and innovation. The new medical cannabis reform in Israel presents a significant opportunity for the Company and the IMC brand to further elevate its market position as the preferred medical cannabis brand for physicians, pharmacists and patients.”

 

SOURCE IM Cannabis Corp.

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Cannabis

LCBO’s bottom line proves privatized alcohol sales a bad idea: OPSEU’s Thomas

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Photo source: LCBO.com

The LCBO’s latest profits show the Crown corporation’s value to the people of Ontario, OPSEU President Warren (Smokey) Thomas said Friday.

In its 2018/2019 annual report released Thursday, the LCBO is reporting earnings of $2.37 billion on total revenue of $6.39 billion.

Thomas said those profits go to the provincial government and pay for vital public services like health, education and highways.

“This is why the Ford government should rethink allowing corner stores and grocery stores to sell more alcohol,” said Thomas.  “Is saving folks a 10 minute drive in some cases worth jeopardizing their health care?”

OPSEU represents LCBO workers and Thomas says these frontline professionals deserve the credit for the corporation’s continued success.

“The reason the LCBO is the gold standard in selling alcohol responsibly is because of OPSEU members who make sure alcohol isn’t sold to minors or intoxicated people,” said Thomas.

“They also provide customer service that is second to none and they’re the ones who have made the LCBO a success story.”

As he read the LCBO report, OPSEU First Vice-President/Treasurer Eduardo (Eddy) Almeida reflected on the Ford government’s decision to take the sale of legalized cannabis away from the Crown Corporation.

“Think of what the LCBO’s profits would have been if Premier Ford hadn’t scrapped the plan of the former Liberal government?” said Almeida.   “I’ve put together a lot of budgets and I know how tough an exercise it is.”

“It still makes me shake my head that a government that claimed it had catastrophic financial problems would turn down massive amounts of revenue and go on the misguided course that the Conservatives took. Really? Wow.”

Almeida says municipalities who voted to opt out of Doug Ford’s foolish cannabis privatization plan should stand firm and demand a responsible plan.

“The LCBO continues to prove it’s the best option to keep controlled substances out of the hands of minors,” said Almeida.  “Municipalities and Ontarians in general should continue to demand a responsible plan and just say no to Doug’s. After all, a little competition wouldn’t be a bad thing would it?”

SOURCE Ontario Public Service Employees Union (OPSEU)

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Cannabis

Base Oil Market Worth $39.6 Billion by 2024 – Exclusive Report by MarketsandMarkets™

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According to the new market research report Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North AmericaEuropeAsia PacificSouth America, MEA) – Global Forecast to 2024″, published by MarketsandMarkets, the Base Oil Market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry, as well as the increasing GDP in Asia Pacific driven by increasing industrial activities are key factors fuelling the growth of the base oil market across the globe.

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Browse in-depth TOC on “Base Oil Market”
150 – Tables
110 – Figures
480 – Pages

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Group II segment to lead the base oil industry from 2019 to 2024

Based on group, the base oil market has been segmented into Group I, Group II, Group III, Group IV, and Group V. The Group II segment accounted for the major share of the market in 2018. Group II base oil can be employed in a multitude of applications, such as marine and gas engines, in trunk piston engine oils, and other applications in the base oil industry. The high consumption of Group II base oil is mainly attributed to its higher performance and affordability in comparison to the other groups of base oil. Thus, the Group II segment is likely to lead the market during the forecast period.

Automotive oil application segment to lead the base oil market during the forecast period

Based on application, the automotive oil segment led the base oil industry in 2018. This segment is also expected to witness significant growth during the forecast period owing to the rise of the automotive sector in developing countries, such as India and China. Population growth in the Asia Pacific region is increasing the demand for automobiles, which is, in turn, driving the market for automotive oils.

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Asia Pacific base oil market projected to witness the highest CAGR

Among regions, the Asia Pacific base oil market is projected to register the highest CAGR from 2019 to 2024. IndiaChinaIndonesia, and Japan are key countries contributing to the increased demand for lubricants, and in effect base oil, in this region. Increasing GDP led by the rising industrial activities in Asia Pacific has increased the demand for base oil in the region. The growth of transportation, power generation, mining, and other sectors is also responsible for the rise in demand for base oil in the Asia Pacific region.

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the Base Oil Market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.

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Related Reports :

Lubricants Market

by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region – Global Forecast to 2024

Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region – Global Forecast to 2024

 

SOURCE MarketsandMarkets

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