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  • Piraeus Bank announces deal with KKR for business loan sale

    The first sale of business loans in Greece appears to have realized, after Piraeus Bank announced an agreement with Kohlberg…

    The first sale of business loans in Greece appears to have realized, after Piraeus Bank announced an agreement with Kohlberg Kravis Roberts (KKR) for the sale of a portfolio with1.2 billon euros worth of business loans and assets.

    The portfolio is said to contain a limited number of large loans and shares of companies that may recover and return to making profits with efficient managing and fresh access to funding.

    Sources from the bank noted that KKR has a lot of experience in managing such companies and is crucially in the position to provide the necessary liquidity which the domestic banking system is unable.

    According to the deal, Piraeus Bank is set to receive the vast majority of the funds the KKR will recover, with the first 750 million euros secured. Kohlberg Kravis Roberts has also committed to investing up to 300 million euros in the companies of the portfolio to support their recovery.

    The transaction is expected to be complete in the first trimester of 2015.

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