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Schoenherr and Tuca Zbarcea & Asociatii Advise on Piraeus Bank's Sale of EUR 400 Million NPE Portfolio Participation to APS

Schoenherr and Tuca Zbarcea & Asociatii Advise on Piraeus Bank's Sale of EUR 400 Million NPE Portfolio Participation to APS

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Schoenherr has advised Piraeus Bank on the sale of its participation in a EUR 400 million primarily non-performing exposures portfolio to APS. Tuca Zbarcea & Asociatii advised APS.

Piraeus Bank exited the Romanian market in 2018, with the sale of its local banking operations to US investment fund JC Flowers.

APS is a non-performing loan investor and servicer active in 15 countries.

According to Schoenherr, "the portfolio, which amounts to a EUR 400 million legal claim, consists of approximately 2,000 unsecured loans and loans secured with real estate collateral in Romania. The European Bank for Reconstruction and Development financed a 30% share of the participation, with the balance being financed by APS funds and managed accounts."

The Schoenherr team included Partners Matei Florea and Georgiana Badescu and Senior Attorneys at Law Valeria Stropsa and Silviu Lazar.

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Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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