Tuca Zbarcea & Asociatii has advised UniCredit Tiriac Bank on its acquisition of the corporate business of RBS Romania, the Romania branch of The Royal Bank of Scotland.
The deal follows a previous agreement between the same financial institutions signed in April 2013. At the time, UniCredit Tiriac Bank announced it had acquired the Retail and Royal Preferred Banking business from RBS Romania, representing approximately EUR 315 million in assets and EUR 230 million in liabilities. The transaction now involves the corporate business of RBS Romania and refers to a total portfolio of aggregate assets of around EUR 260 million and corporate deposits of around EUR 315 million, according to a joint statement released by UniCredit Tiriac Bank and RBS Romania on Tuesday.
The Tuca Zbarcea & Asociatii team acting on behalf of UniCredit Tiriac Bank was led by Partner Mihai Dudoiu, who was supported by seven lawyers from the firm’s Finance, M&A, Employment, and Competition practice groups. In a recent statement, Dudoiu said that he anticipated, “an increase of transactional activity in the banking sector and I am not referring to finance, but to the sale of NPLs portfolio from local banks to foreign investors (mainly investment funds)”, and added that he expected more deals to follow as the Romanian financial services market undergoes major changes and consolidation.
