TGS Baltic Assists Nordea Bank Register Change of Pledgee

TGS Baltic Assists Nordea Bank Register Change of Pledgee

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The Riga office of TGS Baltic has assisted Finland's Nordea Bank Abp register a change of the pledgee in a commercial pledge provided by OneMed from Sweden's Nordea Bank AB to Nordea Bank Abp as the result of the Nordea Group's relocation of its head office from Sweden to Finland in the form of a cross-border merger of the bank into its wholly-owned Finnish subsidiary.

The entry in the Latvian Commercial Pledge Register regarding the registration of the change of the pledgee of the commercial pledge as the result of the reorganization was made on November 14, 2018, and the Lithuanian Mortgage Registry was updated on January 7, 2019.

The maximum secured amount of the claim is EUR 154,483,549.

Nordea is the largest financial services group in the Nordics and one of the biggest banks in Europe. TGS Baltic describes is as "a full-service universal bank with the total operating income of EUR 9.5 billion and total assets of EUR 581.6 billion in 2017," and reports that it is "one of only a few European banks with an AA rating."

The TGS Baltic team was led by Partner Andra Rubene, working with Associate Partner Neringa Grazinyte and Associate Reinis Grunte.