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# CrediaBank finances refinancing of Irish SPV's Euclid Portfolio acquisition
- URL: https://www.theglobalbanker.com/crediabank-finances-refinancing-of-irish-spv-s-euclid-portfolio-acquisition/
- Published: 2026-03-23T18:33:26.000Z
- Updated: 2026-09-28T23:31:05.000Z
- Description: Greece's CrediaBank fully subscribed a common secured bond loan and provided a bank-guarantee facility to refinance an Irish SPV's purchase of the Euclid Portfolio, with Bernitsas Law as Greek counsel.
- Author: TGB Editorial Team
- Tags: Banking News, Europe

CrediaBank, Greece's fifth-largest bank by assets, has financed the refinancing of an Irish special purpose vehicle's acquisition of the Euclid Portfolio, law firm Bernitsas said on 23 March 2026\. The financing takes the form of a common secured bond loan subscribed in full by CrediaBank, accompanied by a credit facility for the issue of bank guarantees for the collection of auction proceeds.

#### LENDER IN SEVERAL ROLES

Bernitsas acted as Greek law counsel to CrediaBank in its capacities as bondholder agent, paying agent, arranger, original bondholder and issuing bank. CrediaBank therefore sits on the lending side of the transaction as the sole subscriber of the bond loan, while the Irish special purpose vehicle is the entity that acquired the portfolio.

The second element of the package, the credit facility, is used for the issue of bank guarantees linked to the collection of auction proceeds. It sits alongside the secured bond loan in the financing provided by the bank.

#### PORTFOLIO ORIGINS

The Euclid Portfolio was originally acquired from National Bank of Greece, where it was known as the Symbol Portfolio. It is the acquisition of that portfolio by the Irish vehicle that the new bond loan and guarantee facility refinance.

CrediaBank was formed through the merger of Attica Bank and the former Pancreta Bank. In December 2025, HSBC signed a definitive agreement to sell its majority stake in HSBC Bank Malta to the Greek lender. The Bernitsas team was led by partner Athanasia Tsene, with associates George Margaritis and Alexia Zeriti and trainee lawyer Aiantas Serfas. The matter was handled by the firm's banking, finance and capital markets practice.