Watson Farley & Williams (WFW) confirmed that Greece’s Piraeus Bank has acquired the highest number of HSBC’s Greek shipping loans.
The global law firm said it advised Piraeus Bank on the acquisition of 26 bilateral loan facilities from HSBC Bank worth US$265m. This transaction resulted from HSBC’s decision to sell its Greek shipping portfolio.
The deal involved initial due diligence of 30 loan facilities and preparing bespoke assignment documentation to reflect the terms of agreement between the two banks, as well as the transfer of securities governed by many different national laws.
Piraeus Bank, headquartered in Athens, leads a group of companies that cover all financial activities in the Greek market (universal bank) and represents the leading bank in Greece in terms of customer loans and deposits.
London-based HSBC is an international banking and financial services group and the largest Europe-based bank by total assets.
The cross-border WFW team that advised Piraeus Bank was led by Athens Assets & Structured Finance Partner Alexandros Damianidis.
London Capital Markets Partner Rob McBride and Associate Kristina Buckberry advised on ISDA-related matters, with New York Assets & Structured Finance Partner John Benson and Paralegal Greg Pastore assisting in relation to the Marshall Islands and Liberian law elements of the transaction.
Singapore Assets & Structured Finance Partner Andrew Nimmo and Associate Lyssetta Teo also advised on matter of local law relevant to their jurisdiction.