Țuca Zbârcea & Asociații Advised Piraeus Bank Greece on the Sale of its Romanian Subsidiary

Țuca Zbârcea & Asociații advised the Greek bank Piraeus Bank regarding the sale of its 93.27% stake held in ATE Bank Romania for 10.3 million Euros.

A multidisciplinary team of lawyers specialising in Banking and Finance, Mergers and Acquisitions, Corporate and Commercial Law, as well as tax advisors assisted the client in negotiating and concluding the deal. The closing will take place following the prior completion of the spin off of the majority of assets and liabilities of ATE Bank Romania and contribution to the same to Piraeus Bank Romania. The transaction is also subject to regulatory approvals.

Țuca Zbârcea & Asociații’s team for this project was led by the firm’s Partners Mihai Dudoiu and Răzvan Gheorghiu-Testa, also including Dragoș Apostol, Managing Associate with Țuca Zbârcea & Asociații.

„It is an interesting project in terms of the transaction structure – a relatively complex one, which entailed constant and open communication and called for an innovative approach from all parties involved. But beyond the professional challenge of the project, I find it even more gratifying from a business perspective, as it looms the emergence of a new player in the local banking market in a period in which many are stating, increasingly often, that resuming lending is key to the general economic recovery”, stated Dragoș Apostol, Managing Associate at Țuca Zbârcea & Asociații.

The firm will continue to advise the seller on the fulfilment of all conditions precedent in view of completing the transaction, as well as on achieving the partial spin off of ATE Bank Romania.