A foreign distress fund was identified this week as aiming to invest up to two billion USD in Greece’s non-performing loans (NPLs) sector.
According to a report in the WSJ, PCP Capital Partners LLP is ready participate in the recapitalization of the Greek cooperative bank Pankritia, a development that would leave it with a majority stake in the former’s share capital.
PCP, which has close ties to Arab investors, would then reportedly use the Crete-based Pankritia as a “vehicle” to purchase non-performing assets held by Greece’s systemic banks.
