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BPV Grigorescu Stefanica and INCS Advise on 4Finance Acquisition of TBI Bank

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BPV Grigorescu Stefanica is reporting that it advised the Latvian financial group 4Finance on its acquisition of the financial group TBIF Financial Services from Kardan Financial Services NV. The deal was coordinated globally for 4 Finance by the Moscow office of Akin Gump, with Ickovics Neustadter Clark Sabag & Co. (INCS) advising Kardan NV on the transaction, which closed on August 11, 2016, with various post-closing steps and procedures still pending.

The total amount paid on closing was approximately EUR 69 million, plus an adjustment to be paid based on the reviewed results of the acquired assets.  

TBIF Financial Services includes the bank TBI Bank EAD, with offices in Bulgaria and Romania, and the entities TBI Credit and TBI Leasing. As previously reported, Penkov, Markov & Partners advised 4Finance on its acquisition of TBI Bank.  

According to bpv Grigorescu, “with this acquisition, 4Finance is expanding its presence in Romania, adding to its portfolio the Bucharest branch of TBI Bank EAD and two non-bank financial institutions with a long-standing presence in Romania, TBI Leasing and TBI Credit, in addition to Zaplo IFN which is operating on the market since 2015. TBI Bank EAD is active in Romania and Bulgaria in particular in the SME and retail sectors and reported consolidated assets of EUR 272 million and customer loans of EUR 175 million at the end of June 2016.”  

The bpv Grigorescu team advising 4Finance on the Romanian part of the deal consisted of Managing Partner Catalin Grigorescu, Managing Associate Cristina Mihai, and Associate Andreea Carare, among others.  

The INCS team was led by Partner Jason Myers.  

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