Eurobank and Alpha Bank will assign by 50% each the management of credit and equity exposures to a selected number of Greek companies into a platform managed by US investment fund KKR. The non-performing business loans to be assigned total 1.2 billion euros.

Subject to final Board approval, the European Bank for Reconstruction and Development (EBRD) is expected to co-invest in partnership with KKR and the banks.

As a statement released on Tuesday say, “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.”