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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.