Silverton Group obtains loan servicing license from the Bank of Greece and establishes joint venture in Greece
Frankfurt, 13. Januar 2021 – Frankfurt, 13 January 2021 − Silverton Group (Silverton), an integrated investment and asset
management platform for commercial real estate and real estate-backed loans, has established a joint
venture, Silverton Servicing Solutions S.A., with Panos Psomas, a local partner headquartered in the
Greek capital Athens.
The new company has recently received a loan servicing license from the Bank of Greece, which
enables the company to acquire and manage troubled Greek real estate, corporate and shipping loans.
It will be supported by the expertise and back-office resources from Silverton's German team.
Speaking on the reasons for the expansion into the Greece market, Jascha Hofferbert, partner at
Silverton, said: “The decision to become active in Greece, which was taken before the Corona
pandemic began, is based on the fact that it is one of the countries in Europe with the most nonperforming
loans on its bank balance sheets. At the same time, there is a lot of pressure from the
European Central Bank and the Bank of Greece to reduce them. As long-standing experts in this area,
we see great potential. We have a track-record as a one-stop-shop for active, and new, national and
international NPL investors.
"Many of our investors have bought in Greece and see the country as an exciting market.
Macroeconomic data showed a positive trend before Covid-19, with some economic growth and a
decrease in the unemployment rate. International investors, who had left during the Euro crisis, have
also returned to the market and real estate prices are rising.
“While the extent to which a further market recovery will be delayed by the Corona pandemic remains to
be seen, our exposure will not be affected by it," he added.
Silverton Servicing Solutions applied for a loan servicing license for Greece with the Bank of Greece,
which regulates market access and approved loan servicers. Having secured the license the business
now has the right to manage and work-out Greek non-performing loans. This applies in particular to
corporate, real estate and ship loans. The company has to operate within the given guidelines of the
Bank of Greece. In addition, the company must report in a defined cycle and format and meet various
technical and organizational requirements.