First non-performing loans to be assigned to US funds
Eurobank and Alpha Bank will assign by 50% each the management of credit and equity exposures to a selected number of Greek companies into a platform managed by US investment fund KKR. The non-performing business loans to be assigned total 1.2 billion euros.
Subject to final Board approval, the European Bank for Reconstruction and Development (EBRD) is expected to co-invest in partnership with KKR and the banks.
As a statement released on Tuesday say, “the platform will provide fresh long-term capital and operational expertise to large Greek corporate borrowers helping them stabilize, recover and grow for the benefit of all stakeholders. The Greek banks will share in the upside as the businesses’ performance recovers.”
You may be interested
PM Mitsotakis cites Greek Constitution to back mandatory vaccinationsmakis - Jul 23, 2021
Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…
Who Has Spent The Most Time In Space? (infographic)Panos - Jul 22, 2021
As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…
What Do Americans Think Of Famous Billionaires? (infographic)Panos - Jul 22, 2021
Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…