BUSINESS

Banks to sell individual bad loans to funds

EVGENIA TZORTZI

TAGS: Banking

Greek banks are adopting a tougher stance toward entrepreneurs who do not service their obligations, by moving ahead with the direct sale of major enterprises’ bad loans to funds.

The sales planned will not only concern large portfolio transfers but also individual loan sales, even those of small or medium-sized companies.

Among the firms that will see their bank loans change hands are the Saracakis vehicle import and distribution group, the Hellenic Halyvourgia steel company, Rhodes Marinas and the Olympion Clinic of Patra.

Setting the pace is Eurobank, which is already in talks with funds about the loans of the above companies. Piraeus Bank followed a similar policy in the case of Euromedica clinics, while it has already transferred a part of Olympion’s loans, worth 11 million euros, to Bain Capital via the Amoeba portfolio.

All other Greek banks are making plans in this direction.

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