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News Jun 25, 2014

Shearman & Sterling Awarded 'Finance Team of the Year' at The Lawyer Awards

Shearman & Sterling was awarded "Finance Team of the Year" at The Lawyer awards for the €8.4 billion recapitalization of Piraeus bank. The team included partners David Dixter (London – Capital Markets) and James Duncan (London – Finance).

Shearman & Sterling advised Piraeus Bank S.A., the largest financial group in Greece by assets, loans and deposits, on its €8.4 billion recapitalization, including a rights offering comprising the issuance of 4,958,235,292 new shares. The rights offering, which was the principal component of Piraeus Bank’s recapitalization plan, was sponsored by the Hellenic Financial Stability Fund within the framework of the support program for Greece under the auspices of the International Monetary Fund, the European Union and the European Central Bank.

London capital markets partner Apostolos Gkoutzinis commented, "I'm delighted with this award from The Lawyer. The recapitalization of Piraeus Bank was a phenomenally successful transaction, the largest in Greek financial history, which managed to attract high quality international investors. It was an important step in the recovery of the Greek banking sector and a transformational transaction for Piraeus Bank, a long-standing Shearman & Sterling client. The transaction demonstrated the strength of the firm as we managed to work together across offices and across practice areas to create an innovative legal structure and, more importantly, achieve a great result for our client."

Shearman & Sterling was also shortlisted for "Competition Team of the Year" (for securing unconditional 'Phase I' merger clearance in the EU for IntercontinentalExchange, Inc. (ICE)'s acquisition of NYSE Euronext), and for "Regulatory Team of the Year" (for the transition of clearing of the NYSE LIFFE London derivatives market from NYSE LIFFE and LCH.Clearnet Ltd to ICE Clear Europe).