KKR strikes deal to take on Greek loans

KKR strikes deal to take on Greek loans

Private equity has made a very big splash in Greece just ahead of Posidonia. KKR & Co from the US will manage EUR1.2bn ($1.35bn) of problem loans for two Greek banks, Alpha Bank and Eurobank via its subsidiary Pillarstone.

Pillarstone has already made a very significant impact in Italy where it has a similar agreement with three local banks.

“The new platform in Greece will provide fresh long-term capital and operational expertise to large Greek corporate borrowers, helping them stabilize, recover and grow for the benefit of all stakeholders,” KKR said in a statement.

KKR had tried and failed to do a similar deal with Greece’s largest bank, Piraeus, two years ago.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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