Clifford Chance has advised Bremer Kreditbank AG (BKB) on the acquisition of Allianz Deutschland AG's entire stake representing the amount of approximately 90.2% of the shares in Oldenburgische Landesbank AG (OLB). The corresponding agreement has been signed on Friday, 23 June 2017. The purchase price for the divested stake amounts to EUR 300 million. The remaining shares amounting to around 9.8% are held by private investors and employee shareholders, who will shortly be offered a voluntary takeover bid by BKB. Closing of the transaction is subject to approval by the relevant regulatory authorities.
With OLB, BKB acquires one of the largest private regional banks in Germany with a focus on corporate and private banking.
BKB Group is a Bremen-based banking group with a combined balance sheet total of EUR 4 billion and a focus on corporate banking, commercial real estate lending and acquisition finance. In addition, BKB Group provides comprehensive wealth management advice to clients and entrepreneurs via its subsidiary Bankhaus Neelmeyer, including asset management services. Since 1 October 2014, three investor groups affiliated with Apollo Global Management, Grovepoint Capital and Teachers Retirement System of Texas, respectively, each independently hold less than 40% in BKB Bank.
The Clifford Chance team was led by partner Dr. Thomas Krecek (Corporate, Frankfurt) and comprised partner Dr. Marc Benzler (Banking & Capital Markets, Frankfurt), partner Dr. Christian Vogel, senior associate Dr. Jochen Buckel and associate Maria Luisa Köhler (all Corporate, Düsseldorf), counsel Stefan Bruder, senior associate Susanne Werry, associates Dr. Moritz Petersen and Schirin Drewell (all Corporate, Frankfurt), partner Burkhard Schneider, counsel Dr. Alexander Cappel, senior associate Christian Eli, associates Dr. Sunny Kapoor and Gerson Raiser (all Litigation & Dispute Resolution, Frankfurt), senior associates Dirk Brouwers and Dr. Christian Hissnauer and associate Christoph Nensa (all Banking & Capital Markets, Frankfurt), partner Dr. Stefan Simon and senior associate Dr. Christopher Fischer (both Employment, Frankfurt) as well as partner Thorsten Sauerhering and counsel Dr. Dominik Engl (both Tax, Frankfurt)
