A portfolio containing large business loans worth up to 1.2 billion euros will be managed by a new company to be jointly established by domestic lenders Alpha Bank and Eurobank in cooperation with the KKR Fund and with the minority participation of the EBRD.
By Anna Doga
A portfolio containing large business loans worth up to 1.2 billion euros will be managed by a new company to be jointly established by domestic lenders Alpha Bank and Eurobank in cooperation with the KKR Fund and with the minority participation of the EBRD.
Both Greek banks will participate with an equal share in the company, with the possibility left open for participation by other local banks.
According to reports, KKR, through its subsidiary Pillarstone Europe, will establish a Greece-based company for managing non-performing loans. The EBRD’s participation is pegged at 5 percent.
The company will be granted an operation license by the Bank of Greece and will function under the recently passed law (4354/2015) governing the management of NPLs in the country.
The sector of NPL management is set for further liberalization as per conditions emanating from the most recent bailout and creditors demands.