Bernitsas Law advises Piraeus Bank on €1.92bn NPE securitisation
Bernitsas law acted as Greek counsel to Piraeus Bank in connection with its first public NPE securitisation in the Greek market, with a gross book value of €1.92bn comprised primarily of non-performing residential mortgage loans.
The securitisation is expected to be enrolled in the Hercules Asset Protection Scheme (Hercules), a guarantee scheme introduced by the Hellenic Republic.
Piraeus Bank is the largest of the four Greek systemic banks and listed on the Athens Exchange.
UBS Europe SE acted as sole arranger and financial advisor to Piraeus Bank.
Alantra acted as financial advisor to Piraeus Bank.