World News: 14:14 GMT Friday 27th June 2014. [Yahoo Business News Feed via SPi World News]
By George Georgiopoulos and Jonathan Saul ATHENS/LONDON (Reuters) - Greece's Alpha Bank plans to securitise about 1.0 billion euros ($1.36 billion) of shipping loans this summer in one of the first European asset-backed deals in this industry for years, a banker with Alpha Bank and another finance industry source said on Friday. Europe's asset-backed market has not recovered from financial crisis, but the European Central Bank and the Bank of England have both said they want to revive it to provide money for credit-starved businesses and help to revitalize the region's economy. Sources told Reuters that Alpha Bank expects to raise about 500 euros in the transaction, which basically bundles together a series of individual shipping loans. "We are working on a plan to securitise about 1 billion euros worth of shipping portfolio loans, aiming to conclude the deal in the summer," the senior Alpha banker said separately, declining to be named.
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