WARSAW - April 10, 2018 - BNP Paribas Group and Raiffeisen Bank International have reached an agreement for the acquisition of the core banking operations of Raiffeisen Bank Polska, to be combined with the subsidiary of BNP Paribas in Poland, Bank BGZ BNP Paribas.
The transaction will be implemented through a demerger of Raiffeisen Bank Polska by spin-off of its core business to Bank BGZ BNP Paribas. The core business excludes foreign currency retail mortgage loan portfolio and a limited amount of other assets.
The transaction price for the core banking business plus certain digitalisation projects has been set at PLN 3.25 billion (EUR 775 million).
Greenberg Traurig advised BNP Paribas Group in structuring and negotiating the transaction, and will continue to assist BNP Paribas and Bank BGZ BNP Paribas in the regulatory approvals and demerger process.
"Greenberg Traurig has a great relationship with BNP Paribas in Poland and elsewhere, and we were pleased to have this opportunity to work again with the BNP Paribas Group to achieve this milestone," said London Shareholder Stephen Horvath.
Senior Partner Lejb Fogelman added "Greenberg Traurig is the leading firm in banking mergers and acquisitions in Poland, and we have pioneered the demerger structure being used here. This deal again demonstrates why we are the go-to firm for such work."
The transaction is supervised by Senior Partner Lejb Fogelman and led by Partner Stephen Horvath from the London office and Partner Lukasz Pawlak.
The team also includes: partners Michal Fereniec, Ireneusz Matusielanski, Robert Gago, and Marek Kozaczuk; local partners Karolina Dunin-Wilczynska, Anna Halas-Krawczyk, and Tomasz Kacymirow; senior associates Malgorzata Pasnik, Magdalena Zmyslowska, Wojciech Ostapowicz, Maciej Kacymirow, Ewa Tabor-Maciejewska, Radoslaw Pawluk, Marek Kleczek, and Piotr Smolarczyk; along with associates Maciej Pietrzak from the London office, Mateusz Slizewski, Grzegorz Socha, Natalia Wolkowycka, and Karolina Woronko.
The closing of the transaction is expected in the fourth quarter of 2018, subject to the execution of the final documentation, the approval from KNF and other regulatory approvals. The completion of the transaction will further strengthen Bank BGZ BNP Paribas' position as the sixth largest bank operating on the Polish market.
Greenberg Traurig LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East.
Greenberg Traurig Grzesiak sp.k. was named the 2017 Law Firm of the Year in Poland and the 2016 Law Firm of the Year in Poland - Client Service Award by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.
