KKR Takes Control of 1.2 Billion Euros of Greek Bank’s Loans
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KKR & Co., the private equity firm run by Henry Kravis and George Roberts, agreed to take control of 1.2 billion euros ($1.5 billion) of loans made by Piraeus Bank SA, Greece’s second-largest lender by assets.
KKR’s credit arm will manage the portfolio of both souring and performing loans for “value enhancement,” Athens-based Piraeus said in a statement today. The bank expects to get 200 million euros immediately and recoup the full 1.2 billion euros over the next five years, said an official at the lender who asked not to be identified because the terms are private.