Sayenko Kharenko acted as the lead legal counsel to Getin Holding S.A. in course of execution of the sale and purchase agreement in relation to the sale of 100 per cent of shares of the group of Romanian companies operating under IDEA brand: Idea Bank Romania, Idea Investment, Idea Leasing IFN and Idea Broker de Asigurare to Banca Transilvania S.A.
Idea Bank Romania provides services to individual clients and small and medium-sized enterprises. it offers loans, deposits, payment and credit cards, as well as several cash and settlement services and bancassurance products. Idea Leasing IFN provides leasing services to companies, offering financial leasing services of movable property (including financing property purchases) for small and medium-sized enterprises. At the end of 2020, IDEA group in Romania had 2,85 billion Romanian lei in total assets serving over 60,000 customers with 530 employees and 46 units. Its combined deal value is 213 million Romanian lei (approx. 43 million euro).
Sayenko Kharenko provided encompassing legal support for the seller in relation to drafting and negotiating transaction documents and assisted during their execution by the parties. The conditions for the transfer of shares include: (i) obtaining an unconditional consent of the Romanian anti-monopoly authority and a consent of the Supreme National Defence Council of Romania (Consiliul Suprem de Apărare a Ţării); (ii) obtaining a consent of the National Bank of Romania; and (iii) obtaining an approval of the Romanian Financial Supervisory Authority (Autoritatea de Supraveghere Financiara) for the change of the shareholder of Idea Broker de Asigurare.
“I was happy to work with Sayenko Kharenko on this transaction in this difficult pandemic times. This transaction involved almost a dozen parties coming from as many as five countries. Sayenko Kharenko did excellent job leading the project which required swift navigation through multiple jurisdictions. They not only assured uppermost M&A legal excellence, but also strongly contributed to the success setting the project’s pace to execution thanks to unmatched speed, energy and leadership”, – comments Mr. Piotr Miałkowski, the Vice-President of the Management Board of Getin Holding S.A.
Partner Alina Plyushch comments: “Following our legal assistance in the course of sale by Getin Holding of Idea Bank Belarus earlier this year, we are honoured to further cooperate with Getin Holding and to provide legal support in relation to their projects involving European Union jurisdictions. This transaction is unusual and remarkable for the Ukrainian legal market because a Ukrainian law firm has been engaged as a lead counsel to coordinate the transaction involving parties from multiple European Union member states for the first time”.
Getin Holding group is listed on the Warsaw Stock Exchange (sWIG80 Index). It is one of the few Polish financial groups operating on the international markets, particularly in Eastern and Southern Europe. Getin Holding group is active in retail banking, leasing, brokerage services, factoring and consulting.
Banca Transilvania is the largest Romanian bank with over than 3.2 million customers, 9,000 employees and 500 units which makes it the largest financial group in South-Eastern Europe.
Sayenko Kharenko’s corporate and M&A practice team working on the project was led by senior associate Dmitriy Riabikin, supported by associate Yaroslava Chernyshchuk. Partner Alina Plyushch supervised the project.