White & Case advises Crelan on €300 million tier 2 bond issue

Global law firm White & Case LLP has advised Belgian bank Crelan SA on a new benchmark size tier 2 bond issue.

The issuance consists of €300 million fixed rate reset 11NC6 tier 2 callable subordinated notes due 2035 and is pursuant to Regulation S under the US Securities Act.

White & Case advised on the inaugural public notes issuance by Crelan in September 2022, on its inaugural green bond issue in 2023, a benchmark green bond issue in 2024 and on the establishment of its inaugural euro medium-term note programme.

Crelan Group is a financial group with a cooperative shareholder structure that offers a broad range of financial services in the Belgian market via three bank brands: Crelan, AXA Bank and Europabank. It ranks fifth among Belgian retail banks in terms of its balance sheet total and serves approximately 1.8 million clients.

The White & Case team that advised on the transaction was led by counsel Willem Van de Wiele (Brussels & Luxembourg).

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