Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News Feb 02, 2015

Shearman & Sterling Advises Joint Placement Agents on €204 Million Capital Increase by Hellenic Bank

Shearman & Sterling advised Deutsche Bank and Axia Ventures Group in their capacity as joint placement agents in connection with a €204 million capital increase by Hellenic Bank Public Company Limited (“Hellenic Bank”) through a rights issue. Hellenic Bank intends to use the proceeds from the capital increase to meet residual capital requirements resulting from the comprehensive assessment conducted in October 2014 by the European Central Bank and European Banking Authority, and for general corporate purposes.

Hellenic Bank is one of the largest financial institutions in Cyprus. The bank offers a wide range of services to individuals, companies, governmental and quasi-governmental organizations. Its operations include deposit and lending services, as well as other banking services including overseas transfers related to imports and exports, credit cards, investment banking, brokerage services and issuing guarantees. It also offers insurance, custodian and factoring services, among others.

The Shearman & Sterling team of lawyers in the firm’s London office was led by capital markets partner David Dixter and included associates Jonathan Handyside and Joseph Payne; Finance partner James Duncan and associate Eric Ho; and Tax counsel Simon Letherman. Legal assistant Angeliki Cheimona also provided assistance on the transaction.