Zepos & Yannopoulos and Clifford Chance have advised the Piraeus Bank on its entrance into an agreement with Christofferson, Robb & Company for the synthetic securitization of the bank’s EUR 1.4 billion performing SME and corporate loans portfolio. Souriadakis Tsibris and Simmons & Simmons advised CRC.
The deal is contingent on regulatory approvals and is expected to close in the second quarter of 2021.
Christofferson, Robb & Company is a US-based private money management company that invests in global credit markets.
According to Zepos & Yannopoulos, “as a result of the transaction, the Piraeus Bank will reduce its risk weighted assets by circa EUR 0.8 billion and thus release circa EUR 0.1 billion of regulatory capital.”
The Zepos & Yannopoulos team included Partner Christina Papanikolopoulou and Senior Associate Paris Tzoumas, among others.
Souriadakis Tsibris’s team consisted of Partner Giannis Koumettis and Associate Chara Kora.