Pillarstone to become the 3rd debt servicing company to get a license from the Bank of Greece

Sunday, March 12th, 2017
Last Update: 20:20

The Bank of Greece has given the ‘green light’ for Pillarstone to get a license as a specialized debt servicer following the JV between Aktua and Alpha Bank and FPS (a subsidiary of Eurobank).

According to Capital.gr the JV between Pillarestone, Alpha Bank and Eurobank will get its license upon approval by the Minister of Economy possibly within the next 15 days.

According to the initial announcement, Pillarstone will undertake the servicing of ca EUR 1.2bn corporate non-performing loans, while according to the article the first accounts to be transferred have already been identified.

Debt servicers are expected to play a significant role in NPL resolution, as they will undertake active management of a significant part of Greek banks’ portfolios.

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