Banking, finance and capital markets in Greece

Bernitsas Law

Renowned as ‘an absolutely top-ranking firm’, Bernitsas Law’ combines ‘strong technical knowledge’ with a ‘remarkably positive attitude’. The team provides extensive expertise with key strengths ranging from acquisition and project finance transactions, NPLs, capital raising techniques, debt and equity transactions, capital markets offerings, financial services regulation and foreign direct investment. The ‘extremely commercial’ Nikos Papachristopoulos is a market leader in relation to the takeover of listed companies as well as primary listings and secondary offerings of securities and acquisitions. Headed by Papachristopoulos and Athanasia Tsene, the team also includes Dionysis Flambouras who specialises in financing arrangements, securitisations and bond issues. Sector expertise includes insurance, automobile, technology, professional services, real estate, energy, life sciences and healthcare, among others.

Practice head(s):

Athanasia Tsene; Nikos Papachristopoulos;

Testimonials

‘Professionalism, dedication, good knowledge, commitment.’

‘Bernitsas has the in-house competence to professionally handle practically all types of transactions relating to financing (Banks, Capital Markets), Equity Markets (IPO, Capital raising, listing, redomiciling) Corporate Finance (M&A,restructuring,etc). Can work on both Greek law and English law based deals.’

‘Knowledgable professionals, committed, hands-on, timely delivery, well connected in local market.’

‘An absolutely to- ranking firm. The firm’s capital market practice is a market leader in Greece. They have deep knowledge of the business and the transaction structure and they are very helpful in solving the problematic issues. Their attitude to clients is also remarkably positive. The team is excellent at all times. The service you get from Bernitsas on these transactions is top class. What differentiates them from their competitors is that they have a strong technical competence and work really hard. They also care passionately about developing relationships with their clients.’

‘Nikos Papachristopoulos, the Joint Head of the Banking, Finance & Capital Markets and Corporate and M&A groups at Bernitsas law firm, is the primary attorney that we have worked with. Nikos has huge expertise in these areas of law. He is also extremely commercial; he gets to the bottom line and has a good sense of what is viable to a counterparty. You can also call him at any time and get an opinion. Apart from being always on top of the case he is handling, he is also very good in mediating internal dialogues. In my opinion, he is one of the best in the Greek market at what he does, a good negotiator that you would like to have on your side.’

Key clients

AGC Equity Partners

Alpha Bank

Alvarez & Marsall

Apollo Global Management

Bank of America Merrill Lynch

Barclays Bank

Bayerische Landesbank

BNP Paribas

Centerbridge Partners

CERVED

Citigroup

Commerzbank

Credit Agricole

Credit Suisse

CVC

Deutsche Bank

DoBank

Ellington Management Group

Eurobank Ergasias

European Bank for Reconstruction and Development (EBRD)

Hellenic Petroleum SA

Hoist Finance

HSBC

International Financial Corporation (IFC)

Intrum Justitia

JP Morgan

Morgan Stanley

National Bank of Greece

Pillarstone

PIMCO

RCB Bank LTD

N.M. Rothschilds and Sons Limited

Société Générale

Titan Cement Company SA

Titan Cement International SA

Värde Partners

Waterfall Asset Management

Work highlights

  • Advising Pimco on the ongoing process for Project Pillar, Project Cairo and Project Europe launched by Eurobank, involving a securitisation of residential, personal and small business loans.
  • Advised TCI in their successful voluntary share-for-share exchange offer concerning Titan Cement Company SA (Titan), a transaction aiming to relist the Titan group on Euronext Brussels.
  • Acted for Apollo Global Management, LLC in the acquisition by a consortium comprised of funds managed by affiliates of Apollo and IFC of a mixed pool of a portfolio of NPLs to Greek SMEs and repossessed real estate assets in Greece.

Karatzas & Partners

Karatzas & Partners is ‘exceptional in terms of experience, knowledge, guidance and providing practical solid and viable legal solutions’. A distinct focus is directed towards complex financing and capital markets transactions with names such as Goldman Sachs, HSBC and Deutsche Bank forming the client roster. Catherine Karatzas heads the practice, providing extensive expertise in important transactions, while Alexandros Metallinos is another key name and is ‘highly recommended for every type of banking project’. He recently advised Athens International Airport on the successful completion of the structuring, co-arrangement and documentation signing for an bond loan facility valued up to €665.6m, provided on an equal basis by National Bank of Greece. The highly recommended Alexandra Kondyli recently made partner.

Practice head(s):

Catherine Karatzas

Testimonials

‘Commercial acumen, practical approach to problem solving.’

‘The legal team has the unique talent to understand the real legal and business risk of the client. In comparison with the other firms in Greece they can be part of the client’s team in order to find the best solution. We have always achieved the best possible outcome.’

‘Aleka Kondyli combines outstanding professional performance with dedication and experience. Managing partner Katerina Karatza has exceptional knowledge of the legal framework in financial sector and keeps the right balance between legal and business interests for their clients.’

‘Commitment, Professionalism, Experience, knowledge, focus on the result’.

‘K&P team in Banking Finance and Capital Markets is exceptional in terms of experience, knowledge, guidance, and providing practical solid and viable legal solutions not just theoretic recommendations.’

‘A unique, client-oriented team that can provide accurate, and ‘hands on’ legal services no mater how difficult or complex the project may be. Undoubtedly most highly recommended for every banking or project/corporate financing schemes and projects.’

Key clients

National Bank of Greece

Goldman Sachs

Deutsche Bank

HSBC Bank

J.P. Morgan Securities

Barclays Bank plc

European Investment Bank (EIB)

Bank of America Merill Lynch

European Central Bank (ECB)

Eurobank

European Bank of Reconstruction and Development (EBRD)

Public Debt Management Agency (PDMA)

Alpha Bank

International Finance Corporation (IFC)

European Investment Fund (EIF)

BC Partners

Athens International Airport

Piraeus Bank

Waterfall Asset Management

Work highlights

  • Advised Ultimo Portfolio Investments (UPI), the company that had purchased the Venus Portfolio, for the secondary sale to an SPV established through for a co-investment structure for this portfolio by the B2Holding Group, Waterfall Asset Management and the European Bank for Reconstruction and Development.
  • Advised B2Holding in a co-investment structure with Waterfall Asset Management on its acquisition through an SPV from Eurobank Ergasias S.A. of a non-performing credit portfolio composed of unsecured credit loans granted to private individuals (Project Zenith).
  • Acted as legal advisors to Autohellas S.A. as originator in a landmark securitization transaction namely the first asset-backed securitisation (ABS) transaction issued by a non-bank originator in Greece involving auto long term leases.

Moratis Passas Law Firm

Moratis Passas Law Firm is home to an ‘easily reachable team’, reputed for its ‘high-quality legal advice and industry know how’. Local and foreign credit financial institutions rely on the team for expertise in credit and loan facilities, the enforcement of securities, indemnities and guarantees, international trade finance and the negotiation and conclusion of sale and purchase agreements. Dimitris Passas, Vassilis Saliaris and Constantine Casmas oversee the department, which is very active in the capital market field, working on initial public and further equity offerings, bond issues and structured finance transactions. A standout from the recent caseload saw the group act for Eurobank Financial Planning Services in relation to its appointment, by Hellas 2P Investment Designated Activity Company, as service provider for a non-performing €2bn retail loan portfolio acquired from Eurobank Ergasias.

Practice head(s):

Dimitris Passas; Vassilis Saliaris; Constantine Casmas;

Testimonials

‘Easy reachable team and easy to communicate with; client-friendly approach and support’.

‘Availability and commitment’.

‘High quality legal advice – speed of service & industry know how.’

Key clients

Alpha Bank

Citibank Europe Plc

Citigroup Global Markets Limited

Eurobank Financial Planning Service (FPS)

doValue Hellas SA

New SIA Greece SA (former: First Data Hellas)

UCI Greece

Attica Bank

Piraeus Bank

Eurobank Ergasias

Praxia Bank (former: Credicom Consumer Finance Bank

Cyprus Popular Bank Public Co Ltd

Clifford Chance LLP

Work highlights

  • Provision of Advisory Services to Alpha Bank and its English law legal counsels with respect to a Securitisation Transaction of a Bond Loans Portfolio of Alpha Bank.
  • Advised doBank regarding the legal steps of its Greek branch corporate reorganisation and on the impact of such reorganisation on the Service Level Agreement signed between doBank and the four Greek systemic Banks with respect to servicing a portfolio of credit receivables from common SMEs clients of the Banks.
  • Provision of legal services to New SIA Greece SA with respect to the procedure of offering telesales services for the promotion of insurance products.

Norton Rose Fulbright

Norton Rose Fulbright  fields a ‘supportive team with very good legal knowledge’. It recently advised Citibank, The Export-Import Bank of China and other lenders in the financial restructuring of Toisa, a large offshore and ocean going ship operator. Dimitri Sofianopoulos, a market leader for asset finance and international capital markets, heads the practice which also includes Yianni Cheilas, an expert in debt finance transactions. Advising clients under both English and Greek law, the team is also well-regarded for bond shareholder issuers, derivatives, project finance, risk management, syndicated loans, restructuring and transactional work. Sector expertise encompasses shipping, energy, mining and commodities, technology, life sciences and healthcare.

Practice head(s):

Dimitri Sofianopoulos

Testimonials

‘The team working with us was very supportive, with very good legal knowledge, responding in a strict time-schedule.’

‘We worked with George Palogos, who supported us in a very satisfactory manner.’

Key clients

Alpha Bank A.E.

Elpedison S.A.

European Bank for Reconstruction and Development (EBRD)

Eurobank Ergasias S.A.

European Investment Bank

National Bank of Greece S.A.

Piraeus Bank. S.A.

PPC Renewables S.A.

Work highlights

  • Acting for the lenders in the financial restructuring of Marinopoulos SA and Marinopoulos Holdings, a Greek-based international group which is a household name and market leader in the retail, supermarket and pharmaceutical sectors.
  • Advised Alpha Bank on the limited recourse financing for the development, construction and operation of a 20 MW greenfield wind power project developed by a Greek subsidiary of Total Eren S.A., in Karystros- Evia, Greece.
  • Advising Eurobank Ergasias, Alpha Bank and National Bank of Greece on the refinancing of a landmark wind project, the largest wind farm operating in Greece (73.2 MW) and the only one with offshore features.

PotamitisVekris Law Firm

At PotamitisVekris Law Firm, the team employs a ‘wide range of experience in order to achieve maximum efficiency’. Expertise includes financing and refinancing transactions, acquisition and project financing transactions, restructuring, the establishment of banking activities, qualifying holding acquisitions, banking M&A and compliance and the restructuring of loans. On the capital markets front, the group provides expertise on the full array of matters from tender offers and the listing of securities through to investment services and fund management. George Bersis heads the practice and provides extensive experience in initial public offerings, share capital increases, derivatives transactions and syndicated loans. Another important member of the team is Stathis Potamitis, who is particularly reputed for his knowledge of NPLs. Associate Anthea Terlegas 'is very experienced in business loans and transactions'.

Practice head(s):

George Bersis

Testimonials

‘When the law firm takes on a new project it appoints the right persons to it , using its wide range of experience,  in order to achieve maximum efficiency. The personal contribution of every  team member was significant but what  contributed the most was the team’s ability to combine each member’s strengths.’

‘All PotamitisVekris team members demonstrated commitment, responsibility and efficiency. They were available at all times to assist, worked overtime  to cater for delays caused by other persons involved in order to meet the deadline and they went over and above everyone’s expectations. The firm is one of the most well known in Greece as it outperforms the others.’

‘All of the firm’s members are bright, meticulous, self-motivated  with congenial personalities who have the expertise to cope with any project assigned to them.’

‘They do something extra that makes the difference between a capable and an outstanding professional.’

‘Anthea Terlegas facilitated the complex transaction numerous times. She is very experienced in business loans and transactions and the relevant laws that apply (Greek  & English Law) and has English as a mother tongue. Strong interpersonal skills allowed her to act as an intermediary between the teams involved explaining business terms and restrictions to those that had no financial background and legal terms to those who had no or different legal background safeguarding everyone’s interests at the same time.’

‘Nikolaos Kampantais was hands on at all times even when on vacation- demonstrated willingness and patience discussing any comments/disagreements that arose again and again until he could fully understand what lay beneath and propose the most suitable solution.’

‘Euripides Ioannou is the link that binds all together. He is very experienced, a real problem solver, with strong negotiation skills that when combined with his extensive knowledge and vast experience were the deal maker. He is a true leader that allows his team members to learn and evolve.’

Key clients

Alpha Bank

Piraeus Bank

National Bank of Greece

Fairfax Financial Holdings

Paulson & Co

Bank of Cyprus

PQH

Euroxx

Eurobank

FORD CREDIT COMPANY

CITIBANK

Work highlights

  • Advised Druckfarben Hellas SA, a listed company with a leading role in the ink market on a financing for its leveraged buyout and delisting through a tender offer.
  • Acted for Galaxidi Marine Farm SA, a listed company with a significant role in the fish farming sector, on a financing for its leveraged buyout and delisting through a tender offer.
  • Assisted Grivalia Properties REIC, a listed company with a leading role in the real estate market, with a merger through absorption of the former by Eurobank Ergasias SA.

Alexiou & Kosmopoulos Law Firm

Lawyers at Alexiou & Kosmopoulos Law Firm  are hailed as ‘experienced, responsive, knowledgeable and honest’. Headed by Alexandros Kosmopoulos, the team is engaged for the full array of finance transactions, namely secured and syndicated lending, acquisition financing, real estate finance and non-recourse lending. Additional core strengths include regulatory compliance issues and financial product structuring along with debt and equity capital markets work. Forming the client roster are national banks, domestic and international financial institutions, finance companies, REITs and private equity funds. Associate Kostas Fatsis is an active member of the team.  

Practice head(s):

Alexandros Kosmopoulos;

Testimonials

‘I found them to be experienced, responsive, knowledgeable and honest. Whilst working with AK, I felt as though our situation was in adept and trustworthy hands. I would highly recommend AK to anyone seeking representation that is fair, honest and which will keep your best interest and unique needs at the forefront. I would not hesitate to seek representation from AK again.’

‘Wonderful representatives with calm preparedness during lengthy and tenacious negotiation processes. I so appreciated their knowledge, calming presence, and polite and respectful attitude. They have helped us to stay focused on the larger picture, and worked on our case(s) in a caring and timely manner.

‘They have represented us in the most professional manner, their ethics are of the highest standards. Their friendship, courtesy, knowledge and honesty have become very important to us during the last ten years.’ 

‘In unvarnished truth they will tell you exactly where you stand and what direction you should go. They will cut out the frivolous fluff that so many clients want to vent about.’

Key clients

PIRAEUS BANK S.A.

EUROBANK ERGASIAS S.A.

ALPHA BANK S.A.

NATIONAL BANK OF GREECE S.A.

NBG Pangaea REIC

 

Work highlights

  • Advised Eurobank in its capacity as Mandated Lead Arranger, Agent and Original Lender with respect with the €295m secured bond loan facility for Sani S.A. target entity, a leading operator of several luxury hotel resorts in Northern Greece.
  • Advised Piraeus Bank as Coordinator and Agent, and Eurobank as Mandated Lead Arranger, regarding the €83.7m development financing for IKOS Aria, a new 5-star hotel (formerly operating under the Club Med brand) in Kos that is the latest addition in the successful Sani/Ikos chain of hotels.
  • Advised PIRAEUS BANK in its capacity as Arranger, Agent and Lender with regard to a €50m working capital facility, structured as a revolving bond loan to OPAP S.A.

Dryllerakis & Associates

Emmanuel Dryllerakis heads the practice at Dryllerakis & Associates, providing specialist knowledge of privatisations, restructurings, M&A, corporate finance, project financing and NPLs. The team is also adept on matters of capital controls and relevant tax issues with particular expertise in the oil sector. A recent highlight saw Aegean Airlines engage the group in relation to the public offering of a €200m bond loan.

Practice head(s):

Emmanuel Dryllerakis

Key clients

Hellenic Finacial Stability Fund

Lampsa Hellenic Hotels S.A.

Beiersdorf Hellas

Henkel Hellas S.A.

Eurobank S.A.

Consortium Of “Alpha Bank – EFG Eurobank Ergasias – NBG”

Carlsberg Breweries

H&M

DS Smith Hellas

Aegean Airlines

Work highlights

  • Legal advisor on the syndication of banks EFG Ergasias SA, Alpha Bank SA, and National Bank of Greece throughout the negotiations of the terms of the programme of a new securitised bond loan amounting up to €50m.
  • Refinancing of the total loan obligations of a major hotel group, including granting new securities and pledge of shares. Extensive negotiations with the banks to avoid default and assessment as non-performing loan.
  • Advised the bidder in the privatization of Thessaloniki Port, with regard to the drafting and negotiations of the financing documentation required.

KLC Law Firm

The ‘excellent’ team at KLC Law Firm is distinguished by its ‘combination of legal skills, responsiveness, flexibility and understanding of the client’s needs’. Among the group’s key strengths are debt restructuring, NPL due diligence and transactions, regulatory work and the delisting of listed securities. Panagiotis Tzioumas heads the practice, combining ‘innovative solutions’ with ‘commercial acumen and practicality’. His team is also adept in project finance transactions, namely those in the energy and infrastructure sectors.

Practice head(s):

Panagiotis Tzioumas

Testimonials

‘The team is a blend of well-organised, highly skilled professionals who can combine different aspects of legal expertise. Accordingly they are capable of providing full-spectrum legal advice, also being able to think out of the box and provide creative solutions to better address clients’ requirements and needs.’

‘The team leader and members of the team are highly efficient and reliable. They are highly experienced, capable of identifying the different aspects and key issues of each particular case, and of providing creative solutions. They also have a deep understanding of the client’s needs and are always available when their assistance is required. Special reference in this respect is made to partners Panagiotis Tzioumas and Xenofon Papayiannis.’

‘KLC is a firm that manages to maintain high quality of services in all cases that they have been engaged with. Starting with deep knowledge of the sectors that they are involved in, the team’s key advantages are complemented by experienced and trained associates and high partner involvement, assisting both as quality assurance and also problem solving in complex cases. By comparison to other firms operating in the country, KLC offers one of the sector’s highest quality of services, while maintaining an approach with timely response rates and billing transparency.’

‘Both partners and associates in KLC are very approachable and thorough in their counsels. Their experience is enabling them to provide accurate, flexible and swift solutions to complex situations. Dr. Tzioumas, managing partner, is an extremely experienced lawyer in various fields of the legal field making him an invaluable asset to any transaction team that he is a member in.’

‘What makes this practice unique is the combination of legal skills, responsiveness, flexibility, understanding of client’s needs and efficient allocation of work among the project team members.’

‘The lead partner Panagiotis Tzioumas has excellent legal skills, combined with commercial acumen and practicality. He is attentive to the client’s needs and accommodates the client’s concerns. Senior associate Georgia Mathiopoulou has very good legal skills, is very responsive and pays attention to detail.’

‘We have been dealing with KLC Law Firm as an external legal counsel for ten years, instructing on issues relating to banking, finance, security law and EU legislation. My overall impression of the team is excellent. Low profile, patient but persistent, as well as knowledgeable lawyers. Very well prepared in both preparatory meetings and negotiations. Always ready to accommodate our needs with total responsiveness and availability. Exactly what I like. As mentioned above, the absence of any kind of arrogance and the low-profile approach of well-prepared lawyers is something we highly appreciate.’

‘Panagiotis Tzioumas – very professional during discussions and negotiations with counterparts and always ready to support our interests. Well prepared with innovative proposals during negotiations with financial institutions. Very good approach to counterparts’ legal advisors and ready to lead negotiations. Well-structured and always available on short notice requests. Georgia Mathiopoulou – very professional, very calm and always very well prepared. She knows her stuff and plays a great role in supporting Panagiotis Tzioumas during negotiations.’

Key clients

European Investment Bank (EIB)

Hellenic Republic Asset Development Fund (HRADF)

Eurobank Ergasias SA

Piraeus Bank SA

North Heaven Private Equity Asia L.P

Theocharakis Group of Companies

Druckfarben SA

Hellenic Financial Stability Fund

DBRS Limited

Work highlights

  • Acting as external legal advisor to the EIB in relation to the implementation of all its financial instrument mandates in Greece.
  • Acting as Greek law advisor to HRAFD in relation to the monetisation of its 35% stake in Hellenic Petroleum SA (HELPE).
  • Acted as Greek law advisor to North Heaven Private Equity Asia in relation to the acquisition of a controlling stake in the listed company KORRES SA.

Koutalidis Law Firm

Koutalidis Law Firm handles a plethora of matters in the banking, finance and capital markets space including complicated transactions, leveraged buyouts and sovereign and corporate debt restructuring. Clients include lenders, borrowers and issuers.

Kyriakides Georgopoulos Law Firm

Kyriakides Georgopoulos Law Firm has a particular focus on commercial lending where it assists major credit institutions on the issuing and restructuring of loans. Assistance is also provided to borrowers with the team assisting prospective investors in debt and equity acquisitions of target companies. NPLs are also a key stone of the practice, as are infrastructure and energy projects. Konstantinos Vouterakos heads the department which is geared to handle instructions with a cross-border element.

Practice head(s):

Konstantinos Vouterakos;

Key clients

Frigoglass S.A.I.C.

Yes Hotels & Restaurants S.A.

Dexia Credit Local S.A.

HSBC PLC and J.P. Morgan Securities PLC

European Bank for Reconstruction and Development (EBRD)

Alpha Bank

Arab Bank

Alpha Bank S.A., National Bank of Greece S.A., Attica Bank S.A. and Piraeus Bank S.A.

European Investment Bank (EIB)

National Bank of Greece

Senfluga Energy Infrastructure Holdings S.A.

Athenaeum Hotel and Touristic Enterprises S.A.

Work highlights

  • Advised Senfluga Energy Infrastructure Holdings S.A., the consortium composed by Snam S.p.A., Enagás Internacional S.L.U. and Fluxys Europe B.V. (the “Consortium”) on a >ten-year non-recourse acquisition financing corresponding to approximately 65% of the enterprise value to fund the acquisition by the Consortium of a 66% stake of the Hellenic Gas Transmission System Operator.
  • Advised Alpha Bank S.A. in relation to the financing of the acquisition of Golf Residencies S.A. owning and operating five major luxury hotels and resorts mainly in Creta belonging to the Sbokos Hotel Group.
  • Advised Yes Hotels & Restaurants S.A. in relation to the re-financing of three bond loans issued by the client covered by Piraeus Bank S.A> amounting to €23.3m in total and the amendment of the relevant securities granted (pledges and pre-notation of mortgage).

Lambadarios Law Firm

Famed for its ‘fantastic industry knowledge’ and ‘responsive partners’, Lambadarios Law Firm was recently bolstered by the arrival of Yannis Kourniotis from Bernitsas Law. He has notable experience in project finance, particularly in the infrastructure and energy sectors, and heads the practice alongside Constantinos Lambadarios, Prokopis Dimitriadis and Kostas Botopoulos. NPLs are an area where the team is particularly active as it also handles finance transactions, corporate bonds, securitisations and debt restructuring, among other matters.

Practice head(s):

Constantinos Lambadarios; Prokopis Dimitriadis; Kostas Botopoulos; Yannis Kourniotis

Testimonials

‘Lambadarios Law Firm assisted our team with a number of Greek NPL acquisitions from Greek banks. Partners are very responsive, always available to make time for calls and document reviews or questions on short notice and provide succinct analysis and notes on Greek law queries / issues and suggested solutions / next steps. Fantastic industry knowledge and contacts. The banking / restructuring team are also able to bring other teams up to speed on short notice where required (for example, data protection and tax).’

‘Prokopios Dimitriadis – Very knowledgeable of the Greek NPL market. Provided invaluable guidance on Greek securitisation and NPL laws and Greek banking secrecy laws. Constantinos Lambadarios – Great knowledge and experience of various sectors, including securitisation and NPL laws, competition laws and others. Very helpful with coordinating input from various internal teams. Chara Daouti – very impressive with data protection and Greek banking secrecy negotiations.’

‘The professionalism, the high quality of services and the doing-more-than-expected mind set result in the highest value-for-money firm in the sector currently in Greece.’

‘Prokopis Dimitriadis: Professionalism, in-depth knowledge of industry, high quality of services delivered. Constantinos Lambadarios: Attention to clients needs, appropriate people management, PR skills, advanced strategic and commercial thinking.’

Key clients

HRADF (Hellenic Republic Asset Development Fund)

Coller Capital

LoneStar Funds

Alpha Bank

National Bank of Greece

Mohegan Gaming and Entertainment

Hines

European Bank for Reconstruction and Development

Davidson Kempner

Piraeus Bank

EBRD

BSTDB

Work highlights

  • Lenders counsel on the €800m bidding by Terna and Egis for Egnatia Odos S.A. on a major toll road in the North of Greece tendered by the HRADF as part of the privatisation programme of the Greek state.
  • Advising a client on acquiring an €800m portfolio of non-performing loans secured on marine and real estate assets originated by Piraeus Bank.
  • Acted for Alpha Bank on the first REO transaction to take place in Greece – selling a group of real estate assets to Brooklane Capital for over €90m.

Papapolitis & Papapolitis

Papapolitis & Papapolitis’s practice is jointly headed by Nicholas Papapolitis and Nikolas Katsaros. Alpha Bank, Piraeus Bank and Eurobank are among the team’s clients, so too are a number of international entities owing to the practice's close integration with the firm's London office. Work undertaken includes corporate finance transactions, capital raising deals, debt and equity instruments, securitisations and privatisations.  In addition to banks, various financial institutions, issuers, underwriters, investors and funds form the client roster. Maria Karabella's recent arrival from Moratis Passas Law Firm bolsters the team's offering in respect of corporate lending, structured and asset financing, bonds and international note issues.

Practice head(s):

Nicholas Papapolitis; Nikolas Katsaros

Key clients

Fortress Investment Group

CP Holdings

Alpha Bank

Piraeus Bank

Eurobank

Invel Real Estate

Apollo Capital Management

York Capital Management

Pillarstone Greece

SAMCO Holdings

Work highlights

  • Advised Eurobank and Piraeus Bank as lead underwriters on the €175m Attica Holdings S.A. bond issuance on the first ever public offered and listed bond issue in Greece secured with real security (ferry vessels).
  • Advised Invel Real Estate on a €200m financing from Piraeus Bank.
  • Advised CP Holdings in relation to the mandatory tender offer addressed to the shareholders of ELTRAK S.A.

Saplegal - A.S. Papadimitriou & Partners Law Firm

At Saplegal - A.S. Papadimitriou & Partners Law Firm, practice head Thenia T. Panagopoulou is a ‘very capable partner, able to handle complex transactions’. Her team has a proven track record in cross-border financing transactions, securitisations, syndicated and bilateral debt financing, corporate bond loans and NPLs. A highlight from the recent caseload saw the practice represent Eurobank Ergasias in relation to the sale of a €2bn non-performing unsecured consumer loan portfolio. Senior associate Stergios Frastanlis has 'an eye for simple solutions' while Eleni Likou is also recommended.

Practice head(s):

Thenia Panagopoulou;

Testimonials

‘Thenia Panagopoulou is a very capable partner, able to handle complex transactions. She always provides value to her clients, is very reliable, effective and a hard-working partner. She is well aware of legislation, a gentle negotiator and is always oriented to providing value to her client.’

‘Commercial understanding, flexibility, responsiveness’.

‘Thenia and Stergios have been supporting us through complex transactions; both very nice people with business sense, aiming to help achieve the goal each time. With an eye for simple solutions that address concerns they are constructive in assisting the process each time.’

‘Knowledgeable, prompt and flexible, geared towards making a deal work’.

Work highlights

  • Acted as legal advisors of Eurobank Ergasias S.A. in relation to the sale of the non-performing loans of Sarakakis Group, a group of companies that engage in the import-distribution, retail sales and services in the automotive industry (Project Smart).
  • Acted as legal advisors of Andromeda S.A., a leading firm in the Mediterranean aquaculture industry in relation to the issue of a corporate bond loan that was subscribed by Eurobank Ergasias S.A.
  • Represented doBank S.p.A. in conducting due diligence on Eurobank FPS S.A. and in its sale of a NPL portfolio to three securitisation SPVs (Project Cairo).

Souriadakis Tsibris

Souriadakis Tsibris is well-versed in advising foreign investors on the regulatory issues related to their investment in Greek banks. Michael Tsibris heads the practice which also acts for several domestic clients in respect of financing and debt restructuring transactions and negotiated credit terms. It also represents lenders on a range of matters and has recently seen an uptick in Brexit-related advice to banks and financial institutions.

Key clients

M&G Securities

PQH S.A.

Qquant Master Servicer S.A.

Alden Global Capital

Everest Capital LLC

Goldman Sachs

Work highlights

  • Advising on Greek law repercussions of the acquisition by Brookfield of 62% economic interest and 15% voting rights in Oaktree Capital Group, LLC.
  • Representing three Everest funds before the administrative court of appeal for alleged unlawful short selling in Greek bank stock.
  • Acting for PQH Single Special Liquidation S.A. o the enforcement of a pledge on listed shares for loans €96m.

Tsibanoulis & Partners

Tsibanoulis & Partners is ‘focused on understanding the client’s business logic’, frequently ‘providing practical solutions’. Banks and financial institutions rely on the team for document drafting, corporate governance, syndicated and bond loans, cross-border lending transactions and restructuring matters. Dimitris Tsibanoulis heads the practice and is reputed for his knowledge of national, European and trans-national regulatory frameworks. He recently advised BNP Paribas Securities on the provision of legal advice concerning the clearing and settlement of stock-exchange transactions and transfer of funds subject to capital control measures.

Practice head(s):

Dimitris Tsibanoulis

Testimonials

‘The team is focused on understanding the business logic and the argument for any decision leading to a legal issue. On this base they provide different scenarios and possible practical solutions. The information is presented comprehensibly to people without any legal background and at the same with full reference to the relevant laws and regulations in case some specialised deeper analysis is needed.’

‘I would put the following qualities as the most important: 1.)Personal involvement and dedication 2.)High competence and expertise combined with experience and knowledge about the sector. 3.)Availability’.

Key clients

BNP Paribas Securities Services

Cooperative Bank of Epirus

Hellenic Ministry of Economy and Development

Procredit Bank Bulgaria / Thermi Group

Procredit Bank Bulgaria

Sparkassenstiftung für internationale Kooperation e.V.

AXIA VENTURES GROUP Ltd

Praxia Bank

D.I. FIDAS S.A.

Cash Payment Solutions

Edenred Greece S.A.

Creta Farms S.A.

Work highlights

  • Provision of legal advice to BNP Paribas  as regards possibilities for clearing and settlement of stock-exchange transactions and transfer of funds subject to capital control measures
  • Provision of legal advice to Cooperative Bank of Epirus regarding Non-Performing Loans and Corporate Governance issues.
  • Extensive legal opinion to the Hellenic Ministry of Economy and Development on the establishment of the ‘Hellenic Development Bank’, as the successor of the ‘Hellenic Fund for Entrepreneurship and Development’.

Watson Farley & Williams – Greek Branch

Watson Farley & Williams – Greek Branch is well versed in banking regulations, including terms of business, confidentiality issues, regulatory inspections and reporting obligations. The team also advises banks and NPL funds on large performing and non-performing portfolio transactions in addition to an array of deals in the NPL market. Acquisition, lease, corporate and project financing are also areas of expertise along with restructuring and insolvency, secured lending and capital markets. The practice is noted for its industry expertise, specifically in the maritime, aviation, energy and infrastructure sectors. Nikolaos Kostikas, Marisetta Marcopoulou, Virginia Murray and George Paleokrassas are the key names.

Practice head(s):

Nikolaos Kostikas; Marisetta Marcopoulou; Virginia Murray; George Paleokrassas

Key clients

DANAOS

National Bank of Greece S.A.

Total Eren Group

UniCredit Bank AG

DVB Bank SE – Athens Branch

RBS Plc

ING

DNB

HSBC France – Greece

CACIB

Alpha Bank

Work highlights

  • Advised Danaos Corporation (“Danaos”), a leading international owner of container ships, on the comprehensive restructuring and refinancing of its $2.2bn debt maturing 31 December 2018 with certain of its lenders including Citibank, Credit Suisse, HSH Nordbank and RBS.
  • Advised National Bank of Greece (“NBG”) on a ten year plus non-recourse acquisition financing to a consortium comprising Snam, Enagás and Fluxys to fund approximately 65% of the consideration for its acquisition, through Senfluga Energy Infrastructure Holdings (“Senfluga”), of a 66% stake in the Hellenic Gas Transmission System Operator S.A. which Senfluga purchased for an overall deal value of €535m.
  • Advising Alpha Bank on the sale of an additional facility to Alpha Shipping Finance for the purposes of the shipping securitisation issuance of the Bank, the first ever completed by a Greek bank and entering into a sub-participation agreement for the purposes of the transaction.

Your Legal Partners

Lawyers at Your Legal Partners are noted being ‘hands-on’ and offering ‘almost immediate availability’. Jointly headed by Katerina Christodoulou and Katerina Politopoulou, the team is geared towards working on finance transactions and restructurings, infrastructure projects and NPLs for names such as Alpha Bank, Eurobank and Black Sea Trade and Development Bank. Sectors of expertise include energy, aviation and investment funds.

Practice head(s):

Katerina Christodoulou; Katerina Politopoulou

Testimonials

‘We really like that they are hands-on and offer almost immediate availability. They are efficient and quick.’

Key clients

Black Sea Trade and Development Bank

National Bank of Greece SA

Piraeus Bank SA

Eurobank  Ergasias SA

Alpha Bank SA

FCE Bank plc

EUROINS Bulgaria PLC (Greek branch)

Th. Vassilakis Group/ AUTOHELLAS S.A Evergolf Tourist Investments

Finanziaria Internazionale Investments SGR S.p.A.

H.I.G Capital

B2Kapital

Work highlights

  • Advice to FCE Bank in relation to transfer of a portfolio of auto retail loans to National Bank of Greece and a portfolio of wholesale loan receivables towards Ford dealers to Ford Motor Hellas.
  • Acted for Finanziaria Internazionale Investments, an Italian asset management company acquiring through an SPV denounced loans secured with the property of a hotel (Hydra Beach) and subsidies pledge.
  • Acting as legal advisers to the lender, Eurobank Ergasias SA, for the financing of the development of one wind park (of total nominal capacity 14.4 MW) of TOTAL EREN SA through its 100% owned SPV “Lithos Aiolos Energeiaki SA”

Zepos & Yannopoulos

Zepos & Yannopoulos is famed for its ‘responsiveness, client-centric orientation and problem-solving attitude’. Practice head Christina Papanikolopoulou provides a ‘deep knowledge of banking and finance legislation’ and is ‘capable of handling complex transactions with ease’. Her team handles regulatory, structured finance, debt and equity capital markets matters along with sovereign and private debt restructuring with a specific emphasis on multi-jurisdictional affairs. Elena Papachristou is the contact for regulatory matters including capital markets compliance, market abuse and regulator interaction. The NPL market is also a core strength of the group.

Practice head(s):

Christina Papanikolopoulou

Testimonials

‘Responsiveness, problem-solving attitude, client-centric orientation are the main characteristics of this practice. Also they are vastly experienced in banking and finance and have deep knowledge of legislation. They can swiftly propose  innovative solutions to complex problems and draft high level documentation.’

‘Christina Papanikopoulou  is a partner with deep knowledge of banking and finance legislation. She is capable of handling complex transactions and very at ease when cooperating with international firms. She is well aware of the market trends and of the regulatory initiatives in the field and always provides positive feedback to her clients. She is reliable, a doer and can provide added value in difficult negotiations in favor of her client.’

‘Kely Pesketzi is a hard working, reliable and stable partner. She knows banking and finance legislation and has the ability to draft and negotiate high quality documentation in relation to complex  transactions.’

Key clients

Carval Investors

Cepal Hellas

Comer Group

Enel

Eurobank Ergasias

Famar

Intrum Justicia

Pimco Funds (Pacific Investment Management Company Llc)

Piraeus Bank

Thomas Cook

UCI (Union De Creditors Inmobiliarios)

Alpha Bank S.A.

Centerbridge Partners Europe, LLP

Elliot Advisors  LLP

Work highlights

  • Advising on PROJECT GALVIN, a  €328m acquisition by Intrum of Piraeus Bank’s Restructuring Business Unit platform set to service a €27bn NPE portfolio.
  • Acting on a  €2bn mortgage securitisation with SRT recognition by Eurobank Ergasias.
  • Acting on an acquisition from NBG of a €900m secured SME NPL portfolio by Centerbridge and Elliot

Avramopoulos & Partners

Headed by Athanassios Avgeros, the team at Avramopoulos & Partners demonstrates expertise in term loan agreements, credit facilities and syndicated loans along with a track record of advising on the underwriting and listing procedures for the Athens Stock Market. Additional strengths include structured finance, securitisation, project finance and asset finance. Making up the client roster are banks, public entities and corporations.

Practice head(s):

Athanassios Avgeros;

Work highlights

  • Provision of legal advice and services on corporate lending to RCI (Resort Condominiums International), a Wyndham Worldwide Company.
  • Advice to AT&T GNS Hellas Ltd. οn group pension plan investment on unit-Linked funds abroad, following the imposition of capital controls
  • Provision of legal advice to a major UK-based financial institution with regards to their entrance in the Greek market.

Moussas & Partners Attorneys at Law

Moussas & Partners Attorneys at Law  ‘stands out due to its excellent cross-border skills’ which it ‘skilfully blends with its excellent knowledge of local law and regulations’. Nicholas Moussas and Vassilios Moussas jointly head the practice with the former best known for his knowledge of corporate finance, securities, regulatory work, EPC projects and commercial transactions. The group notably counts Mytilineos Holdings and Black Sea Trade and Development Bank among its clients.

Practice head(s):

Nicholas Moussas; Vassilios Moussas;

Testimonials

‘Moussas & Partners stands out due to its excellent cross-border skills, which it blends skillfully with its excellent knowledge of local law, regulations and the local market.’

‘Provides excellent and on-point advice on Greek law and is in a position to understand the commercial context of a dispute and to provide suitable solutions. They have a first-class reputation for cutting-edge banking and capital markets work and long experience in complex M&A transactions of all sizes.’

‘The team consists of highly motivated and proactive members, characterised by their smart thinking and resourcefulness, bringing out-of-the-box solutions in terms of deal structuring.’

‘Mr Moussas is recognised for having expertise of the highest level. The team provides very practical and creative advice on complex issues usually within very tight time-frames.’

Key clients

Mytilineos Holdings SA

Black Sea Trade and Development Bank

The Public Servants’ Supplementary Insurance Fund (ETEA former TEADY)

Express Insurance SA (under liquidation)

Insurers’ and Insurance Companies’ Personnel’s Pension Fund (TEA-EAPAE)

ELIA CONSTRUCTIONS S.A.

Work highlights

  • Provided advice to Mytilineos Holdings in relation to the issue of a cbommon bond loan and the admission of the bonds for trading in the category of fixed income securities of the regulated market of the Athens Exchange.
  • Advised Black Sea Trade and Development Bank with respect to a €10m loan agreement entered into with Aegean Baltic Bank along with an assignment agreement to further secure financing under the loan agreement.
  • Acting before civil and criminal courts for the Public Servants’ Supplementary Insurance Fund (ETEA former TEADY),  on its €10m claim against a brokerage firm to recover damages stemming from a series of bond purchases at inflated prices.

Platis – Anastassiadis & Associates Law Partnership

Eirinikos Platis and Vassileios Mavrommatis head the practice at Platis – Anastassiadis & Associates Law Partnership, which is a member of EY Law. The team covers the whole spectrum of banking and finance matters including regulation, capital markets, the introduction of new products, securities issues, NPLs and restructuring. The client roster includes several high-profile foreign international credit and financial institutions in addition to major players in the domestic market.

Practice head(s):

Eirinikos Platis; Vassileios Mavrommatis

Politis & Partners

Clients recommend Politis & Partners for its ‘experienced and commercial approach’. The team’s wide reaching expertise encompasses sovereign and syndicated loans, secured and unsecured loans and debt and equity issues in IPOs. Transactional work is particularly key for the practice as it handles project and shipping finance transactions, asset-based financings, securitisations, highly leveraged financings, restructurings and recapitalisations. Evangelos Politis oversees the practice, leveraging his ‘great experience’ to support a client base of corporates, commercial and investment banks, secuirities firms and financial services providers.

Practice head(s):

Evangelos Politis; Emmanouil Savoidakis; Nikos Anastopoulos

Testimonials

‘Experience and commercial approach. They know the market very well and have proven great at identifying solutions. They can deliver to tight schedules which is always welcomed by our customers.’

‘They understand where we are coming from and are always available. Evangelos Politis has great experience and is well appreciated in the market. So having him on board is an asset in difficult transactions.’

Key clients

Eurobank Ergasias S.A.

Dillon Eustace

LXM Group

SPI Energy Co. Ltd (SPI)

V+O Communication & Consulting S.A.

Sun Chemical

Bosch Rexroth

Bausch Health Group (Pharmaswiss Hellas)

Work highlights

  • Acting for Eurobank Ergasias on  financing of the acquisition and renovation of a five-star hotel in Athens.
  • Advising Eurobank in connection with the restructuring of bond loans and securities provided by Andromeda Group, which recently acquired the majority stakes in Nireus SA and Selonda SA.
  • Advised SPARX Funds plc, assisted by the Irish law firm Dillon Eustace, on the legal procedure for the marketing of their securities in the Greek market.

Sarantitis

Acclaimed for its ‘forward-thinking team’ and ‘comprehensive and business-orientated advice’, Sarantitis advises domestic and international banks alike, including HSBC, HIG European Capital Partners and Piraeus Bank. Alexandros Metaxas heads the practice, which is routinely engaged for banking-related litigation and regulatory affairs. In addition, finance matters, particularly shipping transactions and corporate financing mandates, also fall within the team’s expertise.

Practice head(s):

Alexandros Metaxas

Testimonials

‘Sarantitis law firm is managed by a forward thinking team of partners with a high commitment to providing top quality comprehensive and business oriented legal services, with reasonable prices.’

‘Dorotheos Samoladas and Alexandros Metaxas are among the leading partners for provision of banking, finance and capital markets, supported effectively by George Dedes, one of the senior associates, having an in-depth expertise both in shipping and industrial finance, proactive and business oriented, as well as Angeliki Agrimakis one of the junior associates which is highly effective and solution oriented.’

Key clients

HSBC UK Bank plc (London)

HSBC Bank PLC – Greek Branch

HSBC Private Bank Suisse S.A. (Geneva)

UBS A.G.

Maillis Group

Powerbrook SA (major shareholder of Club Hotel Loutraki SA)

Club Hotel Loutraki SA (majority owner of Casino Loutraki JV)

HIG European Capital Partners SAS

Piraeus Bank S.A., Athens headquarters

Innovation Norway

Work highlights

  • Advised HSBC UK Bank on the entering by Upstream S.A and MobiCube  as co-guarantors (among other affiliated entities of the same group) into an amendment and restatement agreement  supplementing and amending a UK law-secured revolving credit facility agreement.
  • Advised HSBC on the execution by the Greek société anonyme named Navarino Telecom.
  • Acting for Maillis S.A., Maillis’ Group and the owners of the Maillis’ Group, i.e. H.I.G Europe Capital Partners, on the process, payment mechanics, drafting of security release and other loan and corporate documentation concerning the sale by the Group’s subsidiary in Luxembourg.

Tsoukala and Partners Law Firm

The service at Tsoukala and Partners Law Firm is ‘impeccable’ with clients noting the practice’s track record in ‘major bond issuances, restructurings, NPLs, restructuring and capital markets’, Headed by the ‘first class legal and commercial judgment’ of Eleni Tsoukala, the team also handles cross-border financings, banking transactions, bank lending and acquisition finance, securitisations and regulatory matters, among others. In addition to representing banks, financial institutions, broker-dealers, hedge and private equity funds and asset management companies, the group also represents corporates from the chemicals, food, tobacco and telecoms sectors.

Practice head(s):

Eleni Tsoukala

Testimonials

‘A top notch firm in my opinion, having worked with them in all types of finance transactions. The service is impeccable, swift and equivalent to that of the leading international law firms.’

‘Eleni Tsoukala is highly recommended for her first class legal and commercial judgment and managerial skills.’

‘I would highly recommend this firm in this practice area. They have been active on major bond issuances and restructurings, non-performing loans, restructurings and capital markets. At the same time they are very well known for their financial services technology expertise (fintech) which most financial services clients are now after. A real one-stop shop for any banking and finance work.’

‘Eleni Tsoukala is a fintech star.’

Key clients

Bank of America Merrill Lynch

Dentons

Sidley Austin

APS Holding a.s. (the leading European NPL servicer)

The Viohalco Group (the leading metal processing group listed on Euronext Brussels Exchange and on the Athens Stock Exchange)

The Olayan Group (a major multinational investment group)

Leaf Tobacco Michailides S.A. (the largest Greek manufacturer of chewing and smoking tobacco)

Work highlights

  • Provided advice to one of the parties in connection with the re-financing of €300m of NBG Pangaea Real Estate Investment Company, the leading real estate investment company in Greece listed on the Athens Stock Exchange.
  • Acted for APS Holding a.s., the leading European NPL servicer, in connection with certain Greek law matters relating to setting-up their Greek NPL (non-performing loans) servicing operations.
  • Acted alongside Dentons and provided Greek law advice on various matters in the Fintech industry, including electronic documents in the financial services sector.