More firms licensed to manage bad loans

The Bank of Greece has licensed three more bad-loan management companies, taking the number of firms with such permits to seven.

The new licenses went to Alvarez & Marshal, Resolute Asset Management and UCI (a BNP Paribas subsidiary), while sources say that the list will soon extend to eight companies, as B2kapital is in the final stage of the licensing process.

This market has drawn investor interest after the portfolio sales started by Greek banks; the management of some of their loans will now be given to the above three firms.