The platform set up by the alternatives giant KKR has been granted an operating licence to manage non-performing assets at the two largest banks in Greece, writes Ed Ballard for FN's sister publication Private Equity News.

Pillarstone, launched by KKR in 2015 to invest in bad loans held on the balance sheets of European banks, has been granted approval from the Bank of Greece to start managing certain assets at Alpha Bank and Eurobank.