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May 2014

Bernitsas Law advises on Eurobank 2014 recapitalisation

Bernitsas Law advised Eurobank Ergasias on its c.€2.8bn equity capital raising in the context of the second recapitalisation of the Greek systemic banks made in 2014, pursuant to a public offering of new shares in Greece and an international offering of new shares to eligible investors, including to a group of cornerstone investors and their listing on the Athens Exchange.

This transaction was completed in the context of the second round of the recapitalization of the Greek systemic banks. The offering combined a standard capital raising transaction and a quasi privatization transaction which resulted in the re-privatisation of Eurobank, as the shareholding of the Hellenic Financial Stability Fund (HFSF) was significantly reduced to c. 35% from more than 90% and new, high profile, long term investors (such as Capital, Fairfax, Mackenzie, Fidelity, Brookfield and WLR) were introduced as cornerstone investors.

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.