Sweden’s Intrum has agreed to acquire a 1.5bn portfolio of non-performing unsecured consumer loan portfolio from Greek lender Eurobank for around SEK400m ($49.3m).

The transaction, which will be capital neutral, was agreed at 3% of the face value of the loans, Eurobank said in a statement.

The portfolio will continue to be serviced by Financial Planning Services (FPS), though Intrum has the option to find alternative servicing capacity later on.

Intrum will fund the acquisition through cash and credit facilities. The deal is anticipated to be wrapped up in the final quarter of 2017.

Intrum president and CEO Mikael Ericson said: “This investment is strategically important for Intrum, positioning us as a strong partner for Greek banks which have significant non-performing loans to address. We believe that there will be significant opportunities in the Greek economy and in the Greek credit management industry to continue the growth of Intrum’s market leading presence in Europe.”

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