Hellenic Refinance Rebranding and License Renewal

06 August 2024

Hellenic Refinance Credit Servicing Single Member Société Anonyme (“HRF” or the “Company”) is pleased to inform the public of the formal change of its corporate name from Pillarstone Hellas to Hellenic Refinance, and the introduction of a new logo and corporate identity.

HRF also announces that, pursuant to Bank of Greece (“BoG”) Credit and Insurance Committee Decision No. 505/21/28.06.2024, BoG has renewed the Company’s credit servicing license in accordance with the provisions of Law 5072/2023. HRF’s relicensing represents the second positive regulatory assessment of the Company’s business plan, internal policies, and senior management within just four months following BoG’s approval of the acquisition of a qualifying holding in Hellenic Refinance. This showcases HRF’s ability to adapt to the enhanced corporate governance and regulatory framework of EU-wide credit servicing provisions.

The relicensing of Hellenic Refinance included a thorough review of policies and procedures pertaining to corporate governance, internal audit, risk management, accounting monitoring, MIS, remuneration, IT infrastructure and information security, outsourcing, conflict of interest, collateral management and valuation, code of conduct, credit, portfolio performance, complaints management, and AML/CTF. The Company also committed to preparing IFRS accounts, cooperating with data collection and analysis firms, and bringing onboard established professionals to undertake key functions. Hellenic Refinance cooperated constructively with the BoG and incorporated the regulator’s feedback into its internal documents.

With our renewed license, we pride ourselves on our ability to effectively adhere to regulatory changes and look forward to deploying innovative solutions that will enable the resolution of wholesale and private debt in Greece, thereby contributing to the stability and growth of the financial sector.

Stay tuned for more updates as we embark on this exciting journey under our new brand, Hellenic Refinance.