22 December, Citywire
DoBank aims ta the bad loans of the four main Greek banks: Eurobank, National Bank of Greece, Piraeus Bank and Alpha Bank.
The operation is called “project Solar” and sees the creation of a platform for the management of credits towards SMEs.
DoBank, a Fortress subsidiary guided by Andrea Mangoni, is initially aiming at a 2 billion euro portfolio, but they may reach 5 billion, leveraging the request from the ECB to the Greek banks to get rid of debt.
In fact, the Greek banking system has undergone a deep transformation, with the number of banks gone from 15 to 4 (through 11 different mergers), the cut by one-fifth of their staff and by one-third of the branches. The first profits were already registered in 2016.
In January we’ll know whether the Project Solar may start.
Translator: Cristina Ambrosi