Our firm acted as local legal advisor of Hellenic Bank Public Company Ltd on the acquisition of certain assets and liabilities of the second largest bank in the country, the Cyprus Cooperative Bank (“CCB”), involving mainly the performing banking business of the CCB.
 
The acquisition comprises a balance sheet with a total size of €10.3bn, around 73 branches and around 1,100 employees. This transaction represents the creation of a co-leading retail and commercial bank in Cyprus.
 
The principal agreement between the parties was signed on 25 June 2018. The completion of the transaction is subject to a number of conditions, including applicable approvals and clearances from the relevant regulatory and other authorities.

Our firm attended to all Cyprus law banking, corporate, regulatory, competition as well as employment matters in connection with the transaction, along with Allen & Overy LLP as international legal advisors, and Alantra Corporate Finance S.A., PricewaterhouseCoopers Ltd and The Boston Consulting Group Hellas S.A..