Our firm acted as Greek legal counsel to the Joint Global Coordinators (Goldman Sachs and J.P. Morgan), the Joint Bookrunners (Citigroup Global Markets Europe, Barclays, AXIA Ventures Group) and the Co-Managers (Alpha Finance, Ambrosia Capital Hellas, Euroxx Securities SA, Optima bank, Pantelakis Securities S.A., Wood & Company) in connection with the international tranche of the combined offering of 800,000,000 new ordinary shares issued by Alpha Services and Holdings S.A., in the context of a non-preemptive share capital increase (Project Tomorrow).
Project Tomorrow sets a milestone for the Greek banking sector, as it is the first growth share capital increase within a Greek banking group after nearly 12 years.
The total funds raised through the combined offering amount to €800 million. The offering was well oversubscribed, with existing shareholders having received priority allocation in line with their proportionate shareholding, and the trading of the new shares on the Main Market of the Athens Exchange (ATHEX) commenced on July 13, 2021.
Alpha Services and Holdings S.A. is the financial holding company of Alpha Bank S.A., one of the systemically important Banks in Greece. The successful completion of Project Tomorrow is expected to allow Alpha Bank to grow dynamically and take advantage of the attractive opportunities in the Greek market, unlocked by the EU Recovery and Resilience Facility.