We have advised National Bank of Greece on the completion of Project Frontier, which involves the securitization of a portfolio of non-performing exposures (“NPE”) with a total gross book value of c€6b, following the receipt of all necessary approvals, including the provision of the State guarantee on the Senior notes, under the Hellenic Asset Protection Scheme (“HAPS”).

Project Frontier is a landmark transaction (i) having received two credit ratings, (ii) not being associated with a hive-down and (iii) not being serviced by a servicer not arising from a carve from the bank itself. Frontier also constitutes a unique transaction in Greece from a capital perspective adding c.1.5ppts to NBG’s capital ratios and is a decisive step for NBG to soon deliver a mid-single digit NPE ratio.

Our team was led by our Partner Catherine Karatzas, assisted by our Senior Counsel Christos Paraskevopoulos and Associates Stavroula Simitzi, Georgia Perivolioti and Anastasia Mourmouti, whereas our Senior Counsel Aggeliki Tsatsi advised on certain employment law aspects.