Norton Rose has advised the National Bank of Greece on two securitisations worth €2.35bn (£2bn), with the deals representing the first securitisation mandates the firm's London office has carried out for the bank.

The transactions, completed last month, involved the securitisation of two portfolios of the bank's assets on the Irish Stock Exchange.

The first saw the securitisation of a portfolio of residential mortgages worth €1.75bn (£1.5bn), while the second involved a portfolio of auto loans worth €600m (£523.7m). In both instances Class A and Class B notes were issued and listed on the Irish Stock Exchange, with the notes retained by National Bank of Greece.

Norton Rose's London capital markets team headed the deal, fielding a team led by partner Sandrine Sauvel (pictured) and including of counsel Sean Crosky and associate Rhian Davies. London tax partner Matt Hodkin and senior associate Judy Harrison advised on the tax aspects.

Norton Rose was also instructed by Citibank as trustee on the two deals, with London banking partner Farmida Bi and associate Hamed Afzal advising.

Sauvel said: "The market in the country is seeing a lot of activity at the moment, prompted in part by the wider economic picture there. It's a market we know well and will continue to work in as the country experiences further change."

Crosky said: "In the current economic situation banks are securitising their assets, particularly in places that have experienced a downgrade of credit. It's a trend we're also seeing in a number of other jurisdictions where banks are using assets as a way of ensuring liquidity."

National Bank of Greece is the oldest and largest among Greece's banks, with €119bn (£104bn) worth of assets at the first half of 2011.