Panayiotis Rougalas
KEDIPES has signed a new deal to manage a loan portfolio worth €361 million, teaming up once again with Themis Portfolio Management.
The agreement runs until the end of 2030 and sticks to the same basic terms already in place between Themis and Eurobank. In simple terms, the plan is that the money coming in from the loans will be enough to cover what KEDIPES paid to buy them, and so far, the numbers look encouraging.
The loans involved are mostly non-performing loans that KEDIPES recently bought from Eurobank Cyprus. The deal was completed on January 30, 2026, with KEDIPES paying €110 million for loans that originally had a face value of €287 million.
That price was significantly lower than the €180 million initially expected. According to KEDIPES, the difference, about €70 million, comes down to strong cash inflows after September 2024, which boosted the value of the portfolio and worked in KEDIPES’ favour.
The portfolio had already been managed by Themis up until the purchase, so the new agreement simply formalises the continuation of that relationship. The transaction was completed through a special-purpose company, Creditum Holdings Ltd, immediately after KEDIPES finalized the purchase from Eurobank.
Bottom line: KEDIPES is betting that steady recoveries from these loans will pay off the investment over time, and early signs suggest that bet may pay off.
*Read the Greek version here.
