26/12/2014 – Expansión
Greece’s Alpha Bank and Spain’s Aktua Financial Solutions have struck up an agreement to establish a joint venture dedicated to managing “a significant amount” of risk assets of the Greek bank, called Aktua Hellas, in which the Spanish institution will control 55% and the Greek institution, the remaining 45%.
Under the agreement, which is subject to the approval of regulatory authorities and definitive documentation, Aktua Hellas stems from a long-term partnership for the exclusive management of a large volume of (non-performing) toxic assets of Alpha Bank.
Aktua Hellas will be a pioneering platform in the Greek market, specializing in the management of risk assets with the aim of speeding up amicable resolutions as well as mutually agreeable and non-judicial solutions.
“It is an important step forward for the continued recovery of the Greek economy and financial system,” said Demetrios Mantzounis, President of Alpha Bank.
Original article: Expansión
Translation: Aura REE