‘Negative interest rates are not only a problem; they also constitute an opportunity,’ Psaltis told Kathimerini. ‘This is because the pursuit of returns in a negative interest rate environment makes it imperative that our customers’ savings be effectively managed.
Alpha Bank’s management has designed a strategy to reduce nonperforming loans and transform the group so that it can “turn the page,” the lender’s CEO Vassilis Psaltis tells Kathimerini, stressing that the Greek economy is on a steady growth path and that the international investment community is regaining faith in the country’s prospects.
Psaltis notes that the time has come to make up for the ground lost during the crisis, explaining that Alpha Bank will be at “forefront of this national effort, securing credit to households and businesses of 14 billion euros by 2022.”
A few weeks ago you introduced Galaxy, the largest portfolio of NPLs in Greece to date which is set for securitization in 2020. With the Hercules mechanism now available, what will the bank’s next moves be?
The Galaxy plan reflects Alpha Bank’s commitment to leave the problems of the crisis behind and “become a bank once again,” reasserting its leading role as a financier of households, businesses and the Greek economy. This is not just the most significant securitization of nonperforming exposures in Greece, but the third largest in Europe. It is a transaction that allows us to reduce the…