Alpha Bank, Eurobank and KKR Credit on Tuesday signed a binding agreement according to which the banks agree to assign the management of credit and equity exposures to a selected number of Greek companies into a platform managed by Pillarstone.
Subject to final Board approval, the European Bank for Reconstruction and Development (EBRD) is considering co-investing in partnership with KKR and the banks.
The platform 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. The Greek banks will share in the upside as the businesses’ performance recovers.
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.
Sources: tovima.gr/ANA-MPA
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