'very proactive … demonstrates expertise in financial analysis, strategic planning and risk management, alongside a deep understanding of relevant laws and regulations'
Chambers Global 2026
'outstanding dedication and knowledge - they are extremely responsive and committed to getting the deal done to the highest standards'
The Legal 500 EMEA 2026
'consistently provide clear, to-the-point advice and are extremely responsive ... always go the extra mile, and every professional is of the highest quality'
Chambers Europe 2026
'excellent team, really knowledgeable, business acumen, business enabler'
IFLR 1000 35th Edition
Our practice is one of the foremost in Greece with an expertise in both benchmark and mainstream domestic and cross-border transactions. We act for all major domestic and international banks, investment firms and other financial institutions, insurance companies, funds and public and private companies which do business in Greece.
Over the last three decades, we have participated in the vast majority of significant deals to have taken place in terms of both complexity and value and have structured and executed numerous pioneering transactions. An integral part of our practice is drafting and reviewing complex documentation, including for refinancings, reschedulings or restructurings, in most cases involving security over assets located in Greece or corporate guarantees by Greek companies.
The Firm works with international investment banks, regularly interfacing with the regulators, to develop financing and capital raising techniques. We represent the full range of stakeholders (corporates, credit and financial institutions, hedge, venture capital, private equity, alternative and other types of funds and, with respect to State controlled corporates, the Hellenic Republic) and have unrivalled experience in acting in equity and debt capital markets transactions across a variety of industry sectors including financial, telecommunications, energy, gaming, utilities, pharmaceuticals, infrastructure, hospitality and leisure, healthcare, food and retail.
Banking & Finance
We provide comprehensive services to all market participants in lending, corporate finance, securitizations and leveraged, acquisition, asset and structured finance. We have extensive experience in a wide variety of financing techniques with a particular specialization in issuance and offering of debt securities, securitizations, sale and management of non-performing exposures and restructurings. We have closely followed the development of the recent legal and regulatory framework pertaining to non-performing loans and non-performing exposures, representing Greek and international institutions.
Capital Markets
We have a recognized expertise in capital markets transactions involving listed, private and State controlled companies. Our team advises on a wide variety of debt and equity transactions, including IPOs, secondary offerings, private placements and tender offers.
Financial Services Regulation
Advising on risk management and compliance with regulations are key sectors of our practice. We believe in keeping clients one step ahead of regulatory developments which will have a material impact on their business. We regularly advise on licensing applications and applications for the acquisition of qualifying shareholdings in respect of all types of entities subject to financial supervision. Our team advises on ongoing reporting obligations of all types of financial institutions, reporting procedures and investigations by regulatory bodies as well as corporate governance and disclosure requirements. We have repeatedly provided advice on the regulatory capital, recovery and resolution of credit institutions, as well as the eligibility criteria for European Central Bank (ECB) collateral. We are members of the ECB's law panel and of the Single Resolution Board's law panel.
Private Equity
We advise private equity funds, banks, financial institutions and investors in connection with the financing and acquisition of assets across various industries. We have acted and continue to act for major private equity and other funds active in the Greek market and have been extensively involved in the consolidation of several private sectors they invest in. We also advise on setting up, restructuring and exiting investments.
Restructuring & Insolvency
We advise lenders and borrowers in distressed situations. Our team is experienced in refinancings, liquidations, debt reschedulings and restructurings of solvent companies with financial difficulties and insolvent companies. We also advise on administrations, workouts and receiverships.
Securitizations
We have repeatedly worked on the structuring and implementation of securitization transactions, with listed or non-listed Notes, including with respect to servicing arrangements and the replacement of appointed servicers. In this context, we have issued Greek legal opinions for securitization transactions for the benefit of a variety of institutions, including credit rating agencies, drafted and reviewed securitization transaction documents and the description of the securitized portfolios and advised on the relevant legal and regulatory issues.
Recent Experience
CrediaBank Refinancing of the Acquisition of Giza Portfolio
We advised CrediaBank on its various capacities in connection with the refinancing of the acquisition of the Giza Portfolio, accompanied by a credit facility for the issue of bank guarantees. The Giza Portfolio forms part of the Cairo 2 Securitisation originated by Eurobank SA and consists of reperforming retail loans. CrediaBank is the fifth largest bank in Greece in terms of total assets.
Ethniki Insurance Inaugural €100m Restricted Tier 1 and €100m Tier 2 Issuances
We acted as Greek law counsel to Ethniki Insurance, one of Greece’s leading insurance companies, the second largest composite insurer in Greece and a wholly owned indirect subsidiary of Piraeus Bank, in connection with the issuance and offering to international and domestic institutional investors through a bookbuilding process of its inaugural €100m Restricted Tier 1 and €100m Tier 2 notes (Notes), as well as the listing of the Notes on the Euro MTF market of the Luxembourg Stock Exchange (Transaction).
PPC €4.25bn Successful Equity Capital Raising
We acted as Greek law counsel to a syndicate of international and Greek banks and investment firms as Joint Global Coordinators and Joint Bookrunners and a syndicate of Greek banks and investment firms as Placement Coordinators, in connection with the Public Power Corporation’s €4.25bn successful equity capital raising, pursuant to a combined offering of new ordinary shares to retail and qualified investors in Greece and a private placement to international qualified, institutional and other eligible investors outside Greece, as well as the listing of such shares on Euronext Athens.
ETVA VIPE c. €35m Secured Bond Loans
We acted as Greek law counsel to Piraeus Bank as original bondholder and bondholder agent in connection with two secured bond loans up to the aggregate amount of €35m issued by ETVA VIPE, the largest operator of Business Parks in Greece.
Asset-Backed Securitization of Car Lease Receivables by Avis Budget Greece
We acted as Greek law counsel to Piraeus Bank as senior loan noteholder and senior facility agent and Alpha Bank as acceding senior loan noteholder in connection with the accession by Alpha Bank to the private securitization of car lease receivables originated by Avis Budget Greece in June 2025 and the resulting amendment and restatement of the securitization transaction documents.
Metlen Dual Listing on the London Stock Exchange and the Athens Exchange
We acted as lead Greek counsel to Metlen Energy & Metals on the groundbreaking dual-listing of Metlen Energy & Metals PLC. The deal involved a complex cross-border transaction through a voluntary share exchange tender offer by Metlen Energy & Metals PLC, facilitating Metlen's primary listing on the London Stock Exchange and its secondary listing on the Athens Stock Exchange. Under the terms of the transaction, Metlen Energy & Metals PLC offered its new Euro denominated shares as consideration for all outstanding shares of Metlen Energy & Metals SA, thereby establishing Metlen Energy & Metals PLC as the new parent company of the Metlen group.
Abu Dhabi Future Energy Company (Masdar) Acquisition οf TERNA ENERGY
We advised Abu Dhabi Future Energy Company PJSC (Masdar) on their agreement with GEK TERNA and other shareholders to acquire TERNA ENERGY and in the financing of the acquisition. Our scope of work included drafting of the finance and security documents. The deal represents the largest ever energy transaction on the Athens Exchange and one of the largest in the EU renewables industry.
CrediaBank Financing of Luxury Hotel Resort
We advised CrediaBank in connection with the financing of the reconstruction, development and refurbishment of a luxury hotel resort developed by Hinitsa Bay Holdings in Porto Heli, Argolida. The project financing was structured as a common secured bond loan facility issued by Hinitsa Bay Holdings and co-financed under the Recovery and Resilience Fund (RRF). The overall financing also included a bridge financing of RRF eligible investment costs.
Qualco Group SA Initial Public Offering (IPO) on the Athens Stock Exchange
We advised the Joint Global Coordinators, UBS Europe SE, Piraeus Bank SA, and Euroxx Securities SA, the Lead Underwriters and Joint Bookrunners, Alpha Bank SA, Eurobank SA, National Bank of Greece SA, and Optima Bank SA, as well as Attica Bank SA and Pantelakis Securities SA who acted as Underwriters and Joint Bookrunners, in relation to the successful initial public offering and listing on the main market of ATHEX of Qualco Group SA. The offering, which was structured as a Combined Offering to Greek and international investors, marks a significant milestone for Qualco Group SA and the Greek capital markets.
Kommunalkredit Austria AG €65m Development Facility to Greencells Group
We advised Kommunalkredit Austria AG on the Greek law aspects of a €65m cross-border senior secured development facility to Greencells Group. The facility provides bridge financing for Greencells to develop its international green energy portfolio across Europe.
Hellenic Financial Stability Fund Full Divestment from Piraeus Financial Holdings
Bernitsas Law has acted as Greek law counsel to Piraeus Financial Holdings (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 unprecedented 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.
HELLENiQ ENERGY Liability Management Exercise and New Issuance of Notes
We acted as Greek law counsel to HELLENiQ ENERGY GROUP (HEG) in connection with a liability management exercise (LME) consisting of an invitation made by HELLENiQ ENERGY FINANCE plc (HEF) to holders of its outstanding c. €600m Notes due October 2024 (Existing Notes) to tender their Existing Notes for purchase by HEF for cash, in combination with the issuance and offering to international and domestic institutional investors through a bookbuilding process of €450m new Notes due July 2029 (New Notes) guaranteed by HELLENiQ ENERGY HOLDINGS SA and HELLENIC PETROLEUM RSSOPP SA, and the listing of the New Notes on the Euro MTF Market of the Luxembourg Stock Exchange.
Multi-Jurisdictional Syndicated Bond Loan Facility for Refinancing of a Diverse Asset Portfolio
We acted as Greek law counsel to National Bank of Greece SA as arranger, coordinator, bondholder agent, bondholder and hedge bank, Eurobank SA as arranger and hedge bank, Eurobank Cyprus Ltd as arranger and bondholder, Eurobank Private Bank Luxembourg SA as bondholder and CBRE Loan Services Limited as paying agent, in connection with a syndicated bond loan facility governed by Greek law for the refinancing of the existing capital structure of a Cypriot NPE portfolio acquisition transaction, with 97.3% of the underlying portfolio consisting of assets relating to the Helix 1 Portfolio acquired in 2019 and 2.7% of assets acquired as part of the Tide Y Portfolio in 2022. The bond loan facility is secured by security interests under Greek, Cypriot, Luxembourg and English Law.
HELLENiQ ENERGY €1.5bn Financing with Greek Banks
We acted as Greek law counsel to HELLENiQ ENERGY Holdings and its subsidiaries, Hellenic Petroleum and EKO, in connection with the recent financings of the Group with Alpha Bank, Eurobank, Piraeus Bank and the National Bank of Greece. Hellenic Petroleum and EKO issued common bond loans, under the guarantee of HELLENiQ ENERGY Holdings, to the Greek systemic banks for an aggregate amount of up to €1.5bn.
Cerberus Acquisition and Financing of €1bn Asset Sale by Intrum
We advised Cerberus on the Greek leg of the acquisition and financing of a €1bn asset from Intrum. The transaction involves over 10,000 portfolios with a nominal value of €33bn and a book value €1bn as of 30 September 2023 across 13 European jurisdictions.
European Investment Bank and RRF Financing for the Northern Cyclades Interconnection Extension by IPTO
We acted as Greek counsel to the European Investment Bank (EIB) in connection with financing of the extension of the interconnection of Northern Cyclades by the Independent Power Transmission Operator (IPTO). The overall financing of the Project, documented under two separate Luxembourg law governed facilities agreements, totals €470m. The Project was financed both by EIB’s own funds and through the Recovery and Resilience Facility, and was secured by security interests created over assets of IPTO located in Greece.
Piraeus Bank First Investment Grade €650m Green Senior Preferred Bond
We acted as Greek law counsel to Piraeus Bank in connection with the issuance and offering of its first investment grade €650m Green Senior Preferred Bond due July 2029 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange. The total order book of the transaction exceeded €4.1bn, the biggest book on record for Greek banks’ senior debt issuance in the recent years.
Dodoni SA €75m Bond Loan
We advised Dodoni SA on the issue of a €75m bond loan with Piraeus Bank SA and Eurobank SA acting as mandated lead arrangers and original bondholders and Piraeus Bank SA acting as bondholder agent and paying agent.
Piraeus Financial Holdings Liability Management Exercise and Issuance of Tier 2 Notes
We advised Piraeus Financial Holdings (PFH) in connection with i) a liability management exercise consisting of an invitation made to holders of its outstanding €400m Tier 2 Notes due 26 June 2029 to tender their Notes for purchase by PFH for cash, and ii) the issuance and offering to international and domestic institutional investors through a bookbuilding process of €500m Tier 2 Notes due 17 April 2024 (New Notes), and the listing of the New Notes on the Euro MTF Market of the Luxembourg Stock Exchange.
Senna Securitisation of Receivables
We acted as a Greek law counsel to the Bank of New York Mellon acting as note trustee and security trustee in connection with the securitisation of a portfolio of non-performing loan receivables originated by Piraeus Bank (Senna Portfolio), through the issue by Senna NPL Finance DAC, an Irish securitisation SPV, of non-listed and non-rated single-tranche notes.
Eurobank Holdings Issuance and Offering of Subordinated Tier 2 Instruments
We advised Eurobank Holdings in connection with the issuance and offering to international and domestic institutional investors through a bookbuilding process of €300m Subordinated Tier 2 Instruments due 25 April 2034 (Instruments), and the listing of the Instruments on the Euro MTF Market of the Luxembourg Stock Exchange.
Intrum Hellas Sale of Tethys Portfolio
We advised Intrum Hellas acting as coordinator on the secondary sale and transfer to a consortium consisting of SMERemediumCap / Latonia Enterprises Company Limited – Athanasios Laskaridis family office / WHG Europe Limited – Brown Hotels of a portfolio of securitised loan receivables, with a total legal claim of €285m (Project Tethys), originated by Piraeus Bank, serviced by Intrum Hellas and sold and transferred by three securitisation SPVs, Sunrise I NPL Finance DAC, Sunrise II NPL Finance DAC and Vega II NPL Finance DAC. Tethys is secured over hotel and hospitality real estate assets located in popular Greek tourist destinations and is the first sectoral portfolio of loan claims sold in the secondary market in Greece.
Crypto Custodian Registration
We advised an institutional digital asset financial services company with a global presence on their successful registration as a crypto custodian in the relevant registry of the Hellenic Capital Market Commission. This is one of the few crypto custodians registered in Greece today.
Μagnus Securitisation of Receivables
We advised the Bank of New York Mellon as note trustee and security trustee in connection with a securitisation transaction of a portfolio of non-performing and performing receivables originated by Piraeus Bank implemented through the issue of non-listed and non-rated notes.
Public Power Corporation €1.35bn Capital Raising
Bernitsas Law acted as Greek law counsel to Goldman Sachs, Citi, National Bank of Greece, Alpha Bank, Eurobank, Piraeus Bank, Optima Bank and Euroxx Securities in connection with (i) Public Power Corporation’s €1.35bn capital raising pursuant to a non-preemptive share capital increase and an offering of new shares to qualified and other eligible investors outside of Greece through a bookbuilding process and to retail and qualified investors in Greece through a public offering, and (ii) the listing of the new PPC shares on the Athens Exchange.
PIMCO Public Power Corporation Securitisation
We advised PIMCO in connection with the securitisation of PPC receivables (Zeus Portfolio) under electricity invoices that have been outstanding for more than 90 days. The transaction involves senior notes held by PIMCO, Carval and Deutsche Bank, a junior note held by PPC and servicing and sub-servicing arrangements for the portfolio. It also accommodates a revolving period for the transfer of additional portfolios, as well as an intercreditor agreement and security arrangements in connection with both the Zeus Portfolio and another securitised portfolio of PPC receivables (Energia Portfolio).
Piraeus Financial Holdings €1.38bn Capital Raising
We advised Piraeus Financial Holdings on its successful capital raising of €1.38bn pursuant to an institutional offering through a bookbuilding process outside Greece and a public offering to retail and qualified investors in Greece, as well as on the admission of its newly issued shares to trading on the Athens Exchange.
Project Frontier €6bn Securitisation of Receivables
We acted as Greek counsel to Morgan Stanley in the securitisation of a €6bn receivables portfolio originated by the National Bank of Greece, through the issue by Frontier Issuer DAC (an Irish securitisation SPV) of senior notes in the amount of €3bn (under the guarantee of the Hellenic Republic under the Hercules Asset Protection Scheme), mezzanine notes and junior notes.
Partners Group Senior Facilities Agreement
We advised Partners Group in their acquisition of Pharmathen from BC Partners and in connection with a senior facilities agreement involving a unitranche facility, a CAR facility, a revolving facility and additional facilities to Pharmathen group companies, and related intercreditor agreement, accession deeds and security documents, as well as in connection with the release of security interests for senior facilities granted prior to the acquisition of Pharmathen by Partners Group.
Piraeus Bank Sunrise I, II and III Securitisations
We advised the Bank of New York Mellon as note trustee and security trustee in connection with the securitization of three portfolios of non-performing loan receivables, Sunrise I Portfolio, Sunrise II Portfolio and Sunrise III Portfolio, originated by Piraeus Bank SA implemented through the issue of non-listed and rated notes and intended to be enrolled in Hercules Asset Protection Scheme.
€100m Equity Capital Raising
We acted as ad hoc legal counsel to Intrakat SA in connection with their equity capital raising of €100m and the listing of their new shares on the Athens Exchange which was completed in January 2023.
Refinancing and Granting of New Financing in Respect of the Jupiter Portfolio of Securitised Receivables
We acted as Greek law counsel to the National Bank of Greece SA as arranger, agent and bondholder in connection with a bond loan facility agreement for the refinancing of existing international bank financing and the financing of acquisition of real estate assets, and to National Bank of Greece as issuing bank in connection with a revolving account credit facility for the issue of auction proceeds guarantees, in each case in relation to the Jupiter securitised Portfolio.
Eurobank SA Issue and Offering of €500m Fixed Rate Callable Senior Preferred Instruments
We acted as Greek law counsel to Eurobank SA on the issue and offering of €500m Fixed Rate Callable Senior Preferred Instruments due 2029 to professional investors pursuant to a bookbuilding process and the listing of such Instruments on the Euro MTF market of the Luxembourg Stock Exchange.
National Bank of Greece Bank Guarantees for the Collection of Auction Proceeds
We advised National Bank of Greece SA on a credit facility entered into with Lana Securitisation SaRL for the issue of bank guarantees addressed to auction officers for the collection of auction proceeds in accordance with the Greek Code of Civil Procedure.
Eurobank Holdings Issuance of €300m Fixed Rate Reset Subordinated Instruments
We acted as Greek law counsel to Eurobank Financial Holdings SA in connection with the issuance and offering to institutional investors pursuant to a bookbuilding process of €300m principal amount of Fixed Rate Reset Subordinated Instruments due 2032 and the listing thereof on the Euro MTF Market of the Luxembourg Stock Exchange.
Hoist Finance Acquisition of c.€2.1bn NPL Portfolio - Project Orbit
We acted as Greek counsel to Hoist Finance AB as purchaser, in connection with a sale and purchase agreement entered into on 28 December 2021 with Alpha Bank as seller of a portfolio of non-performing retail loans with a total outstanding balance of approximately €2.1bn.
Deutsche Bank €98m Refinancing of PPNs Investment
We advised Deutsche Bank AG (London Branch) in a c.€98m refinancing transaction with Murphy Issuer DAC (an entity controlled by funds advised by Bain Capital) as borrower, in connection with Murphy's investment in PPNs issued in 2018 in the context of a Greek NPLs securitization transaction (Project Amoeba, originated by Piraeus Bank).
Hotel Development and Real Estate Acquisitions Financing
We advised SMB Hotels Holdings BV, an Israeli interests hospitality group active in many countries around Europe, owning and operating hotels regarding c.€11.4m financing by a UK bank of the acquisition of two real assets in Athens to be developed into boutique lifestyle hotels.
€47.5m Bond Loan in the Energy Sector
We advised Unicredit Bank AG and Alpha Bank SA in connection with the amendment and transfer of a c.€47.5m bond loan to Alpha Bank and its accession as bondholder agent and account bank. The loan was issued by a major player in the energy sector and was secured over a wind park, receivables and shares.
Piraeus Bank Inaugural €500m Green Senior Preferred Bond
We acted as Greek law counsel to Piraeus Bank on the issuance and offering to institutional investors of its inaugural €500m Green Senior Preferred Bond, and the listing thereof on the Euro MTF Market of the Luxembourg Stock Exchange.
Hellenic Petroleum €400m Bond Loans
We advised Hellenic Petroleum SA Refining, Supply and Sales of Oil Products and Petrochemicals on the issue of two bond loans of an aggregate amount of €400m for the refinancing of existing bank debt and the financing of general business purposes, with Piraeus Bank SA acting as arranger, bondholder agent, paying agent and subscriber. The bond loans are revolving and are guaranteed by HELLENiQ Energy Holdings SA.
OTSM and Hellenic Petroleum €50m Bond Loan
We advised OTSM Société Anonyme of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products (OTSM) and Hellenic Petroleum SA (HP) on a structured finance transaction involving the extension of a €50m bond loan and the sale and purchase of compulsory oil stock, with Eurobank acting as bondholder agent and facility agent, and Alpha Bank, Eurobank and National Bank of Greece as subscribers.
Astir Group €362m Bond Loan
We advised the Astir Group on the issue of a €362m bond loan by Astir Palace Vouliagmenis for the refinancing of existing bank debt and financing of the development of the Astir marina located on the Athens Riviera.
Elpedison Power €214m Bond Loans
We advised BNP Paribas SA, Intesa Sanpaolo SpA, UniCredit SpA and HSBC Continental Europe, Greece in relation to the extension of a c.€81m bond loan, Eurobank SA, Alpha Bank SA and Piraeus Bank SA in relation to the extension of c.€81m bond loan and Eurobank SA, Alpha Bank SA, Alpha Bank Cyprus LTD and Piraeus Bank SA in relation to the extension of a c.€52m bond loan, all issued by Elpedison Power Generation.
Motor Oil (Hellas) Corinth Refineries Issuance and Offering of €400m Principal Amount of Unsecured Senior Notes
We acted as Greek law counsel to Motor Oil (Hellas) Corinth Refineries SA (MOH) in connection with the successful issuance and offering to institutional investors pursuant to a bookbuilding process of €400m aggregate principal amount of unsecured Senior Notes due 2026, which were listed on the Global Exchange Market of Euronext Dublin.
Bank Guarantees for the Collection of Auction Proceeds
We advised Lapithus Group on a credit facility entered into by Lana Securitisation SaRL with Eurobank SA for the issue of bank guarantees addressed to auction officers for the collection of auction proceeds in accordance with the Greek Code of Civil Procedure. We also provided advice in connection with the Greek law aspects of the financing arrangements with BAWAG PSK for Jupiter Portfolio. It is one of the very first big-ticket credit facilities in the Greek market involving a securitisation special purpose company for the issue of bank guarantees for auctions.
Vivartia Group Debt Rationalisation
We advised Vivartia Group of companies on the rationalisation of their existing bank indebtedness and on restructuring and refinancing of the existing secured bond loan facilities granted to the Vivartia Group companies by all four systemic Greek banks.
First Synthetic Securitization of Performing SME and Corporate Loans
We advised BNY Mellon Corporate Trustee Services Limited as Trustee on a market-first synthetic asset-backed securitisation of performing SME and corporate loans originated by Piraeus Bank SA.
Titan Relisting on Euronext Brussels, Euronext Paris and the Athens Exchange
We advised Titan Cement International SA (TCI) in their voluntary share-for-share exchange offer to the holders of common and preference shares in Titan Cement Company SA (Titan) and the subsequent squeeze-out process, a transaction that resulted in the effective relisting of the Titan group on Euronext Brussels through the primary listing of TCI shares on Euronext Brussels, with a parallel listing on the Athens Exchange and Euronext Paris and a transaction value of more than €2.5bn.
Mytilineos Inaugural Green Bond Offering of €500m Senior Notes
We acted as Greek law counsel to Mytilineos SA on the successful issuance and offering of its inaugural Green Bond offering to international and domestic institutional investors of €500m aggregate principal amount senior notes due 2026 and the listing of these notes on the Luxembourg Stock Exchange’s Euro MTF Market.
Piraeus Bank Demerger by Hive-Down
We advised Piraeus Bank SA in connection with the demerger by way of hive-down of its banking activity sector and its contribution into a new banking entity.
