RTPR Allen & Overy has advised Banco Comercial Portugues, the largest bank in Portugal, on the sale of Millennium Bank to OTP.
Closing of the transaction will take place after the conditions precedent are fulfilled, including the approval of the Romanian Competition Council and the National Bank.
RTPR A&O Partner Mihai Ristici and Counsel Alina Stavaru coordinated the RTPR Allen & Overy team of lawyers that offered advice on matters of Romanian law regarding the transaction. Other lawyers on the team included Laurentiu Tisescu, Loredana Boeru, and Bianca Nastase.
In a statement released by the firm, Stavaru expressed her pride in the deal: “We would like to thank our client for having put its trust in us and we feel honoured for having been given the chance to work on such a sophisticated deal that has involved multiple legal issues for which we had to pinpoint innovative solutions. Our M&A team have thus achieved a record number of 12 transactions signed in the last 12 months. As regards the banking sector in Romania, we believe there is still room for consolidation, which can only be a good sign for the M&A market.”