Zepos & Yannopoulos acts as Greek legal counsel to Piraeus Bank for the first SRT compliant synthetic securitisation of performing SME and corporate loans in the Greek market.
Piraeus Financial Holdings entered into a binding agreement with global investor Christofferson Robb & Company (CRC) for the provision of a financial guarantee to Piraeus Bank in relation to a portfolio of approximately €1.4 billion of performing small business and corporate loans owned by Piraeus Bank.
As a result of the transaction, Piraeus Bank will reduce its RWAs by c.€0.8bn and thus release c.€0.1bn of regulatory capital. The transaction is subject to all customary approvals and completion is expected in Q2.2021.
The transaction team was led by partner Christina Papanikolopoulou assisted by senior associate Paris Tzoumas with further support from across the Zepos & Yannopoulos team.