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A&O Shearman advises Ethniki Asfalistiki on issuance of Restricted Tier 1 and Tier 2 securities

A&O Shearman advises Ethniki Asfalistiki on issuance of Restricted Tier 1 and Tier 2 securities
Published Date
Sep 9, 2026
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Image of Tom Grant
Tom GrantPartner, London
Image of Jacob Sewell
Jacob SewellSenior Associate, London
Image of Laura McDonald
Laura McDonaldSenior Associate, London
A&O Shearman has advised Ethniki Asfalistiki, Greece's first and oldest insurance company, on the issuance of Restricted Tier 1 and Tier 2 capital instruments. The transaction, with a total issue size of EUR200 million, marks the first public issuances of Tier 2 and Restricted Tier 1 capital instruments by a Greek insurer. 

Established in 1891, Ethniki Asfalistiki is owned by Piraeus Bank, a longstanding client of the firm. A&O Shearman advises Piraeus Bank on all its international debt capital markets activity. 

The transaction is a significant market first. A&O Shearman has now worked on both the first public Additional Tier 1 issuance in the Greek banking space (issued by Piraeus Bank) and the first Restricted Tier 1 and Tier 2 issuances in the Greek insurance space, demonstrating the firm's deep knowledge of the Greek financial institutions market and its expertise in capital issuance by insurance companies.

“We are proud to have supported Ethniki Asfalistiki, the insurance arm of our longstanding client Piraeus Bank, on a groundbreaking transaction that opens a new chapter for capital markets in the Greek insurance sector. Our team's deep experience across both banking and insurance capital instruments meant we were uniquely positioned to advise on this issuance. It reflects exactly the kind of complex, cross-border work that our financial institutions practice was built for.”

The A&O Shearman team was led by partner Tom Grant alongside senior associates Jacob Sewell and Laura McDonald, and trainee Toby Clyde. 

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