A binding agreement was announced on Tuesday, between Alpha Bank, Eurobank and KKR Credit for appointing the management of their non-performing loans to Pillarstone. Approval is expected from the EBRD.
This new platform will provide Greek debtors with new, long-term funding and technical assistance in order to stabilize and recover. Furthermore, it will provide the necessary flexibility to allow the participation of other lenders via the contribution of loan portfolios or adding existing funding to a particular entity of other banks.
Alpha Bank’s Executive General Manager Theodoros Athanasopoulos explained that the platform will provide sustainable businesses in Greece with the necessary opportunities and support to restore cash flow and create jobs.
Eurobank’s General Manager Konstantinos Vousvounis in turn underlined the need for providing the necessary conditions that will secure jobs and address the major financial difficulties in the Greek economy.
KKR’s head for Europe, Africa and the Middle East Johannes P. Huth expressed his hope that the partnership will allow the firm to provide long-term funding to Greek companied.
Pillarstone CEO John Davison explained that his firm will operate this platform (“Manco”) to offer new funding sources and operational support which will allow Greek companies to become more efficient.