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CMS Advises OTP Bank Romania on Acquisition of Millennium Bank Romania

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CMS Cameron McKenna has advised OTP Bank Romania, a member of the OTP Group, on the signing of an acquisition agreement for the purchase of 100% of Millennium Bank Romania, a member of Banco Comercial Portugues. The purchase price was EUR 39 million. 

According to an OTP statement, Millennium Bank, with total assets of RON 2.83 billion (approximately EUR 635 million) as of December 31, 2013, is the 22nd largest bank on the Romanian market, with a 0.8% market share. Millennium Bank has nearly 80 thousand clients, with a branch network of 56 units and 58 ATMs. As a result of the acquisition the market share of OTP Bank Romania will rise to 2.1% and it will become the 11th largest Romanian bank, with almost 400,000 clients, almost 150 branches, and over 160 ATMs.  The integration process is expected to be executed within 1 year.

The CMS team was led by London-based Partner Eva Talmacsi with the support of Bucharest-based Partner Horea Popescu. The team also included CMS lawyers Szilvia Kabacs, Raluca Ionescu, Mircea Moraru, Cristina Reichmann, Valentina Parvu, Nona Cernov, Anna Burchner, Arpad Lantos, and Ivan Sefer.

 

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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