December 28th 2014

Piraeus Bank – KKR announce €1,2 bil. securitization deal.

Piraeus Bank recently announced that it has agreed with the investment firm KKR to transfer (to an SVP) and securitize a portfolio of assets of €1,2 bil. (this amount refers to Piraeus’ corporate exposure, i.e. both loans and equity participation in MIG) to a new structure managed and/or controlled by KKR Credit and serviced by Piraeus.

The portfolio includes performing and non-performing assets, while the loans will remain on Piraeus’ balance sheet. KKR will invest up to an additional €300 mil in the portfolio companies.