KKR┤s Pillarstone granted license to manage bad loans in Greece

Thursday, May 11th, 2017
Last Update: 13:59
Greece┬┤s central bank has granted a license to Pillarstone, the platform set up by private equity firm KKR, to provide long-term capital to large Greek corporate borrowers and manage non-performing exposures for Greek banks, Eurobank said on Thursday.According to Reutersm Pillarstone will begin talking within coming weeks with a number of Greek companies, the bank said in a statement without giving details.

KKR signed an agreement with Eurobank, the country┬┤s third largest lender Eurobank, and fourth largest Alpha Bank in 2016, to roll out its platform into Greece.

"The provision of fresh capital and operational expertise to over-indebted businesses, and the ongoing support of Greece┬┤s largest banks in managing their underperforming exposures, can play a significant role in the recovery of the country┬┤s economy," Johannes Huth, head of KKR EMEA said in a statement.

Sabina Dziurman, EBRD┬┤s director for Greece and Cyprus, told Reuters on Wednesday that EBRD was ready to invest in Pillarstone "to help get companies back on a performing path" once Pillarstone was licensed by the central bank.

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