Shearman & Sterling is representing Greece’s fourth largest bank, Piraeus Bank S.A., on its €807 million rights issue. According to the terms of the rights issue the bank is offering existing shareholders 12 new shares for every five held. The offering is fully underwritten by a group of banks led by Barclays Bank, Credit Suisse Securities (Europe), Goldman Sachs and Morgan Stanley.

Piraeus Bank will use the proceeds from the rights issue to enhance its capital adequacy ratios to comply with the stricter supervisory framework and to allow it to pursue further strategic growth opportunities.

The Shearman & Sterling team of lawyers in the firm’s London and New York offices was led by capital markets partner Richard Price and senior associate Apostolos Gkoutzinis. They were assisted by associates Mike Kung, Rob Beard and Alison Howell. Tax advice was provided by partner Bernie Pistillo and associate Amy Lewis. Partner Lois Moore advised on English law aspects of the offering.