Greenberg Traurig has advised Societe Generale on the sale of Euro Bank, its retail banking subsidiary in Poland, to Bank Millenium. Clifford Chance represented the buyers.
Bank Millennium acquired approximately 99.79 percent of Euro Bank's shares for a reference price of PLN 1.8 billion. The final price will be adjusted by the change of the book value of Euro Bank at the closing date, expected to be in Q2 2019, at which point the legal merger of both banks will take place. In turn, the operational merger of Bank Millennium and Euro Bank is planned to take place in late 2019. As a result of the merger Bank Millennium will gain 1.4 million new customers, moving it into sixth place in terms of the number of retail customers in Poland.
The Greenberg Traurig team was supervised by Senior Partner Lejb Fogelman and led by Partners Stephen Horvath and Lukasz Pawlak. The firm's team also included Partners Marek Kozaczuk and Robert Gago, Local Partners Karolina Dunin-Wilczynska and Anna Hałas-Krawczyk, Of Counsel Adam Opalski, Senior Associates Maciej Kacymirow and Radoslaw Pawluk, and Associates Maciej Pietrzak (in London), Magdalena Medynska, Mateusz Slizewski, Magdalena Bachleda-Ksiedzularz, Grzegorz Socha, and Marta Kownacka.
The Clifford Chance team was led by Warsaw Managing Partner Agnieszka Janicka and included Partner Marcin Bartnicki and Counsel Tomasz Derda.