Bernitsas Law advised Eurobank Ergasias on its c.€2.038bn capital raising made to address its capital requirements determined by the ECB/SSM following the comprehensive assessment of the Greek systemic banks.
This was effected through an international and domestic private placement of new shares to eligible investors, including cornerstone investors (including Fairfax, Brookfield, Highfields and WL Ross) and a liability management exercise effectively involving the exchange of Tier 1, Tier 2 and certain senior securities issued by Eurobank or a subsidiary with the guarantee of the bank into new shares in Eurobank.
The capital raising was executed under the new framework established for the recapitalization of mainly the Greek systemic banks to address their capital requirements identified pursuant to the 2015 Comprehensive Assessment conducted by the European Central Bank within the framework of the Single Supervisory Mechanism, without the implementation of burden sharing measures or the utilization of the bail-in tool under the BRRD.
Eurobank is one of Greece’s four systemic banks and listed on the Athens Exchange.
The Bernitsas Law team was led by Nikos Papachristopoulos and Athanasia Tsene.