Bernitsas Law advised Eurobank Ergasias (Eurobank) in connection with the structuring and execution of an international competitive private auction process for the sale of 80% of its Greek and Romanian life and non-life insurance operations grouped under Eurolife ERB Insurance Group Holdings (Eurolife), as well as on the negotiation and execution of final transaction documentation with the winning bidder, Fairfax Financial Holdings, against €316m in cash. This transaction was carried out in the framework of Eurobank's commitments undertaken vis-à-vis the General Directorate of Competition of the E.U. Commission to divest from its non-core banking activities.
The most important asset of these operations is long term exclusive bancassurance agreements with Eurobank generating the majority of such operations' profitability.
Fairfax Financial Holdings Limited is a holding company which engages in property and casualty insurance and reinsurance and investment management through its subsidiaries. Eurobank is one of Greece's four systemic banks and listed on the Athens Exchange.
The Bernitsas Law team was led by Nikos Papachristopoulos.