Bernitsas Law, together with Argyropoulos, Gissaki & Associates Law Firm, advised Thrivest Holding LTD (Thrivest), a holding company owned by prominent Greek entrepreneurs, on its agreement with the Hellenic Financial Stability Fund (HFSF), intended to create the fifth banking pillar in Greece (Agreement). Thrivest is a significant shareholder of each of Pancreta Bank and Attica Bank and the HFSF is a significant shareholder of Attica Bank.
The Agreement provides for (i) the merger of Pancreta Bank into Attica Bank (Merger), and (ii), subject to completion of the Merger, a subsequent investment of up to €675.1m in the combined bank by Thrivest and the HFSF, of which up to €200m would be invested by Thrivest and up to €475.1m by the HFSF, pursuant to a combination of a rights issue and issuance of warrants to be made to raise up to €735m (Capital Raising). At completion of the Capital Raising, Thrivest would hold a controlling stake in the combined bank.
The Agreement was signed on 18 July 2024 and completion of the transaction is subject to customary corporate and regulatory approvals.
Partners Nikos Papachristopoulos and Maria Nefeli Bernitsa, assisted by a multimember team of Counsels, Senior Associates and Associates from different practice areas, advised Thrivest on the transaction.
