Alpha Bank's decision to sell a portfolio of non-performing unsecured consumer loans worth 3.7 billion euros to B2Holding is credit positive for the Greek bank, Moody's said in a report released on Monday.

The credit rating agency said the deal made last Tuesday reduced Alpha Bank's NPEs portfolio by around 900 million euros and helped the bank to achieve a goal of reducing NPEs.

The deal is the biggest of this kind in Greece and paved the way for larger future sales of NPEs, the credit rating agency said, adding that from the portfolio of 3.7 billion euros sold to B2Holding, 2.0 billion euros represent unpaid capital and only 900 million euros were recorded in Alpha Bank's balance sheet. The sell price of these loans was agreed at around 4.5 pct of unpaid capital, at 90 million euros.

The management of NPEs will remain under the control of CEPAL Hellas Financial Services, in which Alpha Bank holds a 43 pct stake. The deal will help Alpha Bank to achieve its goal of reducing NPEs in Greece by 5.8 billion euros by December 2019.