Hogan Lovells advises Piraeus Bank on the securitisation of a portfolio of non-performing exposures with a gross book value of €300 million (Project Solar 2)
Milan, 22 October 2025 - Global law firm Hogan Lovells has advised Piraeus Bank S.A., as international counsel, on the securitisation and transfer of a portfolio of non-performing exposures consisting of corporate loans, including bond loans and other receivables, with a total gross book value of approximately €300 million.
The portfolio was part of the Solar portfolio, which had been classified as held for sale as of 30 June 2022 and was originally established as part of a joint initiative by the four systemic banks to manage non-performing corporate claims.
The notes issued in the context of the securitisation were acquired by an affiliate of the investment manager, Waterwheel Capital Management, LP. The servicing of the portfolio was assigned to Cepal Hellas AEDADP, a credit servicer licensed by the Bank of Greece.
This transaction forms part of Piraeus Bank’s ongoing strategic plan for the active management of non-performing exposures, further supporting its long-term growth objectives.
The Hogan Lovells team that advised on the transaction was led by partner Madeleine Horrocks, partner Annalisa Dentoni-Litta and senior associate Franco Lambiase, together with associate Zoe Mingoia and legal intern Anita Higgs.
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