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Weil, Freshfields, K&N, and Schoenherr Advise on OTP Bank Acquisitions from NBG in Serbia and Romania

Weil, Freshfields, K&N, and Schoenherr Advise on OTP Bank Acquisitions from NBG in Serbia and Romania

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Weil is representing OTP Bank on two major transactions involving its Romanian and Serbian subsidiaries and the National Bank of Greece. Karanovic and Nikolic provided local advice to OTP in Serbia, and Schoenherr provided local advice in Romania. Freshfields advised the National Bank of Greece on both deals.

In the first, OTB Bank Romania S.A. acquired a 99.28% shareholding in Banca Romaneasca S.A. and a portfolio of Romanian-risk corporate loans. In the second, OTP Banka Srbja A.D. Novi Sad acquired Vojvodanska Banka a.d., NBG Leasing d.o.o., and a portfolio of Serbian-risk corporate loans, for EUR 125 million.

According to Weil, the Romanian transaction "will bring the Romanian market share of OTP Group to approximately 4%, making it the 8th largest bank in the country. The financial closing of the transaction is expected by the beginning of 2018." The firm reports that the Serbian transaction "will bring the Serbian market share of OTP Group to approximately 5.7%, making it the 7th largest bank in the country. The financial closing of the transaction is expected by the end of 2017."

Combined, according to Freshfields, "the two deals will strengthen NBG’s liquidity position by approximately EUR 930 million."

The Weil Budapest team on both deals was led by Counsel Pal Szabo and Partner Konrad Siegler and included Senior Associate Gabor Szabo and Associates Daria Szabo, Daniel Aranyi, and Daniel Racz.

The Karanovic & Nikolic team serving as local counsel to Weil in Serbia consisted of Partner Darko Jovanovic and Senior Associate Ivan Nonkovic.

The Schoenherr team acting as local counsel to Weil in Romania included Partners Madalina Neagu and Matei Florea, Senior Attorneys at Law George Ivan, Adina Damaschin, Costin Sandu, Adriana Stanculescu, and Andrea Gal, and Attorneys at Law Anca Hotaranu, Elena Marcu, Ioana Mitu, and Eduard Pavel.

The multi-jurisdictional Freshfields team is led by Corporate Partner Sebastian Lawson. The two transactions mark the fifth and sixth sales on which Freshfields has advised NBG in the last two years, having already advised it on the disposals of United Bulgarian Bank A.D. (as reported on June 15, 2017), Finansbank A.S. (as reported by CEE Legal Matters on June 22, 2016), Ethniki Hellenic General Insurance S.A. (as reported on July 10, 2017), and the South African Bank of Athens.

Editorial Note: After this article was published Bojovic & Partners announced that it acted as local counsel to the National Bank of Greece "in its sale of Vojvodanska Banka a.d., NBG Leasing d.o.o., and a portfolio of Serbian-risk corporate loans to OTP Banka Srbija A.D. Novi Sad." The B&P team was led by Partner Vuk Draskovic.

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