Cepal Hellas and Resolute Asset Management Group to form a joint venture.

Cepal Hellas, a provider of management services for loan and credit receivables based in Athens, Greece, and Resolute Asset Management Group, a specialist real estate asset manager, agreed to form a joint venture, which will consolidate the market leadership of the parties in the Greek real estate servicing, asset management and advisory space. Financial terms were not disclosed. "Since the beginning of our operations, it was clear that successful management of the portfolios serviced by us requires the ability to understand, manage and monetize very significant numbers of real estate collateral assets. With RKG we will establish a leading specialized, independent Real Estate Servicer able to deliver on a very large scale with institutional standards. We are confident that RKG by relying on both Cepal’s financial strength and knowhow and Resolute Group’s best practices and procedures, will lead the emerging Greek real estate management services market whilst contributing decisively to the effective management of Cepal’s NPL portfolios," Theodore Athanassopoulos, Cepal Hellas CEO.