Milbank Advises Piraeus Holdings on Fully Marketed Offering by HFSF of 27% Stake in Piraeus Holdings

Milbank LLP has advised long-standing client Piraeus Financial Holdings S.A. (“Piraeus Holdings”) on the fully marketed offering (“FMO”) by the Hellenic Financial Stability Fund (“HFSF”) of the totality of its 27% stake in Piraeus Holdings, raising gross proceeds of approximately €1.35 billion. The FMO consisted of a public offering to retail and institutional investors in Greece and private placements to institutional investors outside of Greece, including the United States.
 
Piraeus Holdings is a financial holding company and holds 100% of the share capital of Piraeus Bank Société Anonyme, the largest bank in Greece. Founded in 1916 as Piraeus Bank Société Anonyme, Piraeus Holdings has been a key player in the Greek economy for over 100 years and its shares have been listed on the ATHEX since 1918. Its market capitalization was approximately €4 billion as of 31 December 2023.
 
BofA Securities Europe SA, Goldman Sachs Bank Europe SE and UBS Europe SE acted as joint global coordinators, Barclays Bank Ireland PLC, BNP PARIBAS, HSBC Continental Europe, J.P. Morgan SE and Morgan Stanley Europe SE acted as joint bookrunners, and AXIA Ventures Group Limited and EUROXX SECURITIES S.A. acted as co-lead managers.
 
The Milbank team was led by Corporate Finance and Securities partners Apostolos Gkoutzinis and Trevor Truman and associates Chara Makrygianni, Lefteris Dafermos and Alexandros Makris. The team also received assistance from US Tax partner Eschi Rahimi-Laridjani and associate Seth Moreida and New York Alternative Investments partner Catherine Leef Martin.