Bernitsas Law acted as Greek law counsel to Piraeus Bank in connection with the demerger by way of hive-down of its banking activity sector and its contribution into a new banking entity. The demerger completed on 30 December 2020, further to which the existing Piraeus Bank will become a financial holding company under the name Piraeus Financial Holdings Societe Anonyme (PFH), while the name of the new entity, which was authorised as a credit institution by the ECB, is Piraeus Bank Societe Anonyme (PB).
PFH has become the sole shareholder of PB and the shares of PFH will remain listed on the Athens Exchange.
Piraeus Bank is one of Greece's four systemic banks. Nikos Papachristopoulos led the Bernitsas Law team.