Munich, March 22, 2016 – Baker & McKenzie advised CRX Markets AG, Munich, on the structuring and implementation of a supply chain finance program for the Vattenfall group. The program was launched in close cooperation between CRX Markets AG and Helaba Landesbank Hessen-Thüringen.

The program comprises the German business of the Vattenfall group and extends to 20 subsidiaries of the group. The program enables suppliers to sell their accounts receivable from the Vattenfall subsidiaries concerned at favorable conditions before maturity.

Baker & McKenzie provided legal advice with respect to any and all questions in relation to the structuring and implementation of the supply chain finance program, including all contracts. Within the scope of the transaction, the technical solutions of an innovative FinTech company, the legal specifics of a reverse factoring structure and the special requirements of the parties involved had to be reflected in an efficient contract architecture.

"Our project with CRX Markets and Helaba is innovative in the growing market for FinTech companies. It supports the widespread belief that FinTech companies constitute a valuable addition to the services offered by traditional banks. This was impressively confirmed by the involvement of Vattenfall, Europe's largest energy company," comments Dr. Matthias Eggert, Partner of the Banking & Finance Practice Group in Munich.

As a start-up established in 2012, CRX Markets is an independent, integrated trading platform for short-term corporate financing. Companies benefit from a stabilization of the supply chain as well as an optimization of the performance of the working capital.

Baker & McKenzie’s securization team has advised clients on a large number of German and international structured financing transactions on an ongoing basis. Commerzbank Aktiengesellschaft, Landesbank Baden-Württemberg, NIBC Bank Deutschland AG, Volkswagen, Porsche Financial Services, Mercedes Bank, BMW Bank, Toyota Kreditbank, LeasePlan, FFS Bank and MAN Finance International are among the regular clients of the law firm.

Baker & McKenzie Team

Lead:

Banking & Finance: Dr. Matthias Eggert (Partner, Munich)

Other attorneys involved:

Banking & Finance: Sandra Wittinghofer (Partner, Frankfurt), Timo Riester (Associate, Munich)

IT Law Julia Wendler (Partner, Munich)