FINANCE: APS helping Cyprus and Greece tackle toxic loans

APS Holdings, one of Europe’s largest debt servicing companies, says it has been instrumental in successful efforts to combat the problem of non-performing loans in Cyprus and Greece’s.

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APS Holding operates in 16 countries and employs over 1,000 professionals. The nominal value of the managed portfolios exceeds €8 bln. 

The company expanded to Cyprus through a joint venture with Hellenic Bank, founding APS Debt Servicing Cyprus in July 2017. APS Holding owns 51% majority of the company, Hellenic Bank holds the remaining 49%.

APS Debt Servicing Cyprus undertook the management of Hellenic Bank’s NPL portfolio estimated at about €2.3 bln, and of real estate assets worth €150 mln.

Moreover, it is managing the unsecured retail loans that APS Loan Management Ltd acquired from the Bank of Cyprus, worth €245 mln.

Regional Head of APS Holding in Greece & Cyprus, Magdalena Rotaru said the establishment of APS Debt Servicing Cyprus marks the launching of the first distressed debt platform in Cyprus.

Rotaru said that APS operations have been successful, as the company has met all the targets.

Since 2018, APS Holdings has been operating in the Greek market as well. In collaboration with IFC, EBRD and Balbec Capital, APS has purchased 120,000 customers’ consumer loans, worth €2.3 bln, from Piraeus Bank.

APS Greece is currently the major portfolio servicer with 40 employees and a number of collaborating law firms.