Orrick Advises Attica Bank on a Series of Equity Capital Markets Transactions

Orrick has assisted Attica Bank SA as international counsel in the successful completion of its share capital increase through cash payment with pre-emptive rights in favour of existing shareholders, pursuant to which were issued 1,200,000,000 new ordinary registered voting shares with a nominal value of €0.20, generating gross proceeds of €240 million. The bank intends to use the net proceeds to ensure an adequate capital position above the minimum required core capital adequacy requirements.

This share capital increase followed a first of its kind transaction on which Orrick also advised the bank as international counsel, namely the admission to trading in October 2021 of new ordinary registered shares with a single voting right in the capital of the bank following the automatic conversion of Euro denominated warrants issued by Attica Bank to the Greek state with a market value equal to 100% of its deferred tax claim pursuant to applicable Greek law.

The Orrick team was led by partners Patrizio Messina, Annalisa Dentoni-Litta and Madeleine Horrocks together with London equity capital markets partner Edward Dyson, assisted by associates Franco Lambiase, Caterina Volonté and Charles Sheldon. Potamitis Vekris advised Attica Bank as to Greek law matters with a team led by partner George Bersis with associates Elena Theocharakou and Anastasios Charalampous.