Piraeus Bank was assigned as Onshore Account Bank in the syndicated financing scheme of € 3,9bn for the construction of TAP pipeline

Piraeus Bank has been appointed as the Onshore Account Bank in Greece of the syndicated financing scheme for the construction of the Trans Andriatic Pipeline-TAP. TAP project financing of €3,9bn was the largest project financing approved for a European infrastructure project in 2018. The financing is provided by a group of 17 commercial banks, alongside with the European Bank for Reconstruction & Development (EBRD) and European Investment Bank (EIB). Part of the financing is covered by the Export Credit Agencies (Bpifrance, Euler Hermes και SACE).

Piraeus Bank, through its Loan Syndications Division and its Retail Banking & Distribution Networks, is the sole Greek bank to be actively involved in the syndicated facilities scheme, affirming the bank’s prominent role in supporting strategic energy & infrastructure projects that contribute to Greece’ s developmental opportunities and economic growth.

Piraeus Bank’ s participation in this syndicated financing scheme represents a vote of confidence in the Bank, it’s expertise and it’s people from international financing institutions.

The Account Bank, in infrastructure project financing, takes on the reporting and monitoring of all the project company’s Bank Accounts, at each single stage of the project, in accordance with the finance documentation’s provisions.