Turcan & Cazac and Vernon David & Associates have advised Banca Transilvania and the EBRD on Moldovan matters related to their joint acquisition of a stake of over 66% in Victoriabank, the third largest bank in the Republic of Moldova. In the Netherlands and UK, the EBRD was advised by CMS and Banca Transilvania by Freshfields.
According to Turcan Cazac, the acquisition was the first phase of the transaction, with a second -- consisting of a mandatory buyout offer launched by Banca Transilvania and EBRD to the remaining shareholders of Victoriabank -- to follow.
In its own press release, BT claimed that the acquisition represents the first investment in Moldova from outside the country in over ten years. Victoriabank has existed for almost 30 years and reports 540,000 clients, 1,400 employees, and nearly 100 offices.
Turcan Cazac advised BT and the EBRD on trading of the shares and regulatory approvals, such as the approval from the National Bank of Moldova, and handled notifications of the deal to the Competition Council, which ultimately authorized all. The firm's team included Partner Octavian Cazac and Associate Ana Galus.
The lawyers working on the project from Vernon David & Associates were Partner Diana Neagu, Associate Roman Ivanov, and Senior Associate Sergiu Bivol.
The CMS team was led by Partners Graham Conlon and Martijn van der Bie, with the help of Senior Associate Valentina Santambrogio, Legal Consultant Louise Cakar, and Lawyer Leo Mikros.
The team from Freshfields included Managing Partner Dirk-Jan Smit, Senior Associate David Wakkie, and Associate Victor van Vegchel from Amsterdam, and Partner Andrew Hutchings and Associate Andy Robinson from London.