Bernitsas Law advises Piraeus Financial Holdings (PFH) on HFSF’s full divestment from PFH

Bernitsas Law has acted as Greek law counsel to PFH in connection with the Hellenic Financial Stability Fund (HFSF)'s full divestment from PFH made through the sale of all HFSF’s shares in PFH pursuant to (i) an offering to the public in Greece, and (ii) a private placement to qualified investors, institutional qualified buyers and other eligible institutional investors outside of Greece (the Offering).

The demand expressed by investors in the Offering was unrepresented in the Greek market, with the total demand corresponding to approximately 7.92 times the total number of PHF shares offered in the Offering, while the offer price was set at the highest end of the price range, which permitted the HFSF to raise c.€1.38bn. The Offering was successfully priced on 7 March 2024 and settlement completed on 11 March 2024.   

This landmark transaction signals the return of the PFH group to the private sector and investor confidence in the prospects of both the Greek economy and the PFH group. 

The Bernitsas Law team was comprised of more than fifteen Partners, Counsels, Senior Associates and Associates from different practice areas, coordinated by our Capital Markets team led by Partner Nikos Papachristopoulos and made up of Counsel Maria Nefeli Bernitsa, Senior Associate Maria Sfika and Associate Marinos Shiapanis. 

Piraeus Bank HFSF Full divestment

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