Tue, Jul
63 New Articles

White & Case and Skils Advise on Trustee's Sale of Sberbank CZ Assets to Ceska Sporitelna

White & Case and Skils Advise on Trustee's Sale of Sberbank CZ Assets to Ceska Sporitelna

Czech Republic
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

White & Case has advised Sberbank CZ insolvency trustee Jirina Luzova on the CZK 41 billion sale of Sberbank CZ’s assets to Ceska Sporitelna. Skils advised the buyer.

The transaction remains contingent on regulatory approval.

"The sale is a culmination of complex liquidation and insolvency proceedings that would satisfy all or the vast majority of registered claims of Sberbank CZ’s creditors and ensure an orderly transition of Sberbank CZ’s client relationships to Ceska Sporitelna," White & Case informed.

"The unique transaction represents the largest M&A deal in the Czech banking sector since the privatization of major banks at the turn of the millennium," according to Skils. "The distressed sale of the loan portfolio takes place as part of the largest and the most widely followed bankruptcy in Czechia’s recent history."

Sberbank Europe subsidiary Sberbank CZ provides banking products and services for individuals, small and medium-sized companies, and large corporations.

Ceska Sporitelna is a Prague-headquartered bank and a member of the Austria-based Erste group.

The White & Case team included Prague-based Partners Tomas Jine and Jan Andrusko, Local Partners Martin Fronek and Jan Jakoubek, and Associates Ondrej Barton and Lukas Pavlik, as well as lawyers from the firm’s Washington and Brussels offices.

The Skils team included Managing Partner Karel Muzikar, Partners Karel Drevinek, Roman Janecek, and Pavel Grim, and Senior Associate Ivo Trojan.

Editor's Note: After this article was published, Baker McKenzie Prague announced it worked together with White & Case to advise Jirina Luzova on the sale of Sberbank CZ's loan portfolio to Ceska Sporitelna. "The transaction is part of the ongoing liquidation of all banking operations of Sberbank CZ following the revocation of its banking license by the regulator and its subsequent insolvency," Baker McKenzie reported. The firm's team included Prague-based Partners Libor Basl and Alexandr Cesar and Associates Slavomir Slavik, Martina Marchand, Petr Vojtech, and Jan Kolar.

Czech Republic Knowledge Partner

PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.

PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.

Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.

PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.

Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).

Firm's website: www.prkpartners.com

Our Latest Issue