Shearman & Sterling advised Piraeus Bank S.A. on the successful closing of Project Amoeba. The transaction involved the sale of a €1.95 billion portfolio of non-performing and denounced corporate credit exposures, backed by real-estate collateral, to Bain Capital Credit LP. This is a landmark transaction, marking the first commercial real-estate backed NPE transaction in Greece.
Piraeus Bank was founded in 1916 and is the leading bank in Greece in terms of market share by loans and branch network. Piraeus Bank provides a complete range of banking services and specializes in SMEs, retail banking, e-banking and capital markets. Total assets of the Piraeus Bank Group in Greece amounted to €55.8 billion, net loans to €38.7 billion and customer deposits to €41.9 billion as of June 30, 2018.