Bad-loan management market becomes an El Dorado for funds

The Greek bad-loan management market is welcoming international firm StormHarbour, which in cooperation with Italy's Fire SpA has created EuPraxis; this new servicer joins the long list of nonperforming-loan managers that the Bank of Greece has licensed.

A total of 18 servicers have now received operating permits from the central bank. The majority are subsidiaries of investment funds that specialize in this sector, but there is also a notable presence of Greek companies that have joined forces with foreign groups.

Besides those 18 companies there are two other firms, Hypoges and Moun Street, which are subsidiaries of foreign servicers and have already submitted their applications to the BoG and are awaiting their licensing. That will take the total number of servicers in Greece to 20.

The companies licensed to date are: Cepal, FPS, Thea Artemis (an Attica Bank...