EFG Eurobank will proceed to the securitization of its credit card portfolio assets. The issue’s worth is € 750 million. | Eurobank
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EFG Eurobank will proceed to the securitization of its credit card portfolio assets. The issue’s worth is € 750 million.

EFG Eurobank will proceed to the securitization of its credit card portfolio assets. The issue’s worth is € 750 million. Deutsche Bank, Merrill Lynch and EFG Telesis Finance have been appointed as consultants. A series of presentations to selected institutional investors and foreign investment firms will take place, starting on Thursday, June 30th, 2005.

The proceeds of the new issue will be used to cover part of the Bank’s financing programme. It is expected that the distribution of securities will be completed during the week of 11th to 15th of July.

It is worth noting that this is the first securitization of credit card receivables by a Greek bank and the first one in Euros for the European market in 2005.

It should be recalled that Eurobank has also proceeded twice to seruritizing part of its mortgage loans, for an amount of  € 750 million per issue, with a very good response from foreign institutional investors.