The Bank of Greece has received applications from four companies for a license to manage the non-performing loans of households and SMEs.

According to a report in the Kathimerini newspaper, the applicants include a joint company set up by Alpha Bank and Spanish firm Aktua, a management company set up by Eurobank, a major law firm and an international management company that is already operating in Greece.

In order to receive a license from the Bank of Greece, the applicant companies need a minimum capital stock of 100,000 euros. The paperwork required is rather complex, in an effort to ensure transparency in goals and the practices against borrowers.