The National Bank of Greece has announced the completion of the Etalia B transaction involving the sale of non-performing exposures.

The transaction concerns the sale and transfer of a non-performing exposure portfolio worth €0.1 billion in outstanding principal, marking another step in the bank’s balance sheet clean-up efforts.

The portfolio was transferred to Creditable Opportunities Fund SCA SICAV-RAIF, an acquisition vehicle associated with the EOS Group.

The bank stated that the transaction strengthens its overall capital position, supporting its financial resilience.

Management of the portfolio has been assigned to EOS Matrix Greece, which will oversee its administration going forward.

The deal was supported by Morgan Stanley & Co. International plc, which acted as financial adviser and arranger.

Legal advisory services were provided by Karatzas & Partners on matters of Greek law and Clifford Chance LLP on English law.

The announcement follows the bank’s previous confirmation earlier this week of the completion of the Etalia A transaction, also involving a €0.1 billion non-performing exposure portfolio.

That earlier deal involved the sale of assets to an entity managed by Bain Capital.

The assets in the Etalia A transaction were acquired through a special purpose vehicle known as Leon Issuer DAC.

The bank said that the Etalia A transaction also contributed to strengthening its total capital, reinforcing its strategic objectives.

Management of that portfolio was assigned to doValue Greece, a specialist servicer.

Morgan Stanley & Co. International plc played a central role in the Etalia A deal as well, acting as financial adviser and arranger.

Legal support for that transaction was again provided by Karatzas & Partners for Greek law and Clifford Chance LLP for English law.

The Etalia A disposal followed a prior market update issued on September 30, 2025, outlining the planned sale of the portfolio.

Both transactions reflect the bank’s ongoing strategy to reduce non-performing exposures and strengthen capital buffers.