Orrick Advises Pancreta Bank on Purchase of HSBC Branch Operations in Greece

March.17.2022

An Orrick team assisted Pancreta Bank S.A. as international counsel in the signing of an in-principle agreement with HSBC Continental Europe for the purchase of HSBC branch operations in Greece.

The completion of the transaction is subject to approvals by the Bank of Greece and the Hellenic Competition Commission, and the seller’s information and consultation process with its unions and works councils.

Under the agreement, after the completion of the potential transaction, all assets and liabilities, human resources and the network of 15 HSBC branches in Greece are expected to be transferred to Pancreta Bank SA., significantly complementing its presence in Athens. The transaction is expected to complete in the first half of 2023.

The cross-border Orrick team advising on English and French law was led by partners Daniel Wayte in London with Madeleine Horrocks and Annalisa Dentoni-Litta in Italy together with senior associate Katrina Walsingham. Partner Patrick Tardivy and associate Julien Beloeil advised as to French law. On Greek law issues, Pancreta Bank was advised by Sardelas Petsa law firm with a team led by partner Notis Sardelas with of counsel Thalia Emiri and head senior associate Ino Tsiridou.