Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank’s €1.8 Billion servicing agreement with Italian credit institution doBank S.p.A.

White & Case LLP and Koutalidis Law Firm have advised the four systemic Greek banks – Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank – on their entry into an innovative and groundbreaking servicing agreement with Italian credit institution doBank S.p.A.

Following an international tender process, Italy-headquartered doBank, which is listed on the Milan Stock Exchange and has nominal assets under management of more than €88 billion as of March 2018, was selected by the Greek banks from in excess of fifteen servicing institutions. doBank will manage recoveries of the common non-performing loans of more than 300 Greek SMEs with a total nominal value of approximately €1.8 billion, by facilitating the search of viable restructuring solutions through increasing cooperativeness from the SMEs, implementing effective and viable restructuring strategies, accelerating and applying decision-making processes and providing access to new sources of financing for sustainable SMEs.

The White & Case team which advised on the transaction was led by partners Debashis Dey (Picture) and Gavin Weir (London), and included partner Laura Sizemore (London), counsel Claudio Medeossi and associate Adam Gao (both Dubai). The White & Case team worked closely with a team from Greek law firm Koutalidis Law Firm, including partners Nikos Salakas, George Naskaris, Stamatis Drakakakis, Nikitas Fortsakis and Evangelos Courakis, and associate Effie Papoutsi.

The banks were also advised by international strategy consulting firm Oliver Wyman.

 

Involved fees earner: Nikos Salakas – Koutalidis Law Firm; Effie Papoutsi – Koutalidis Law Firm; George Naskaris – Koutalidis Law Firm; Stamatis Drakakakis – Koutalidis Law Firm; Nikitas Fortsakis – Koutalidis Law Firm; Evangelos Courakis – Koutalidis Law Firm; Debashis Dey – White & Case; Gavin Weir – White & Case; Adam Gao – White & Case; Laura Sizemore – White & Case; Claudio Medeossi – White & Case;

Law Firms: Koutalidis Law Firm; White & Case;

Clients: Piraeus Bank S.A.; Eurobank Ergasias S.A.; Alpha Bank; National Bank of Greece (NBG);