CMS has advised Austrian Hypo-Bank Burgenland on the sale of its Hungarian subsidiary Sopron Bank Burgenland to MagNet Bank. Oppenheim reportedly advised the MagNet Bank.
The transaction remains contingent on regulatory approval by the Hungarian Central Bank.
According to CMS, “following the sale of Sopron Bank, Hypo-Bank Burgenland will focus on serving corporate clients in Hungary, especially in the area of real estate financing.”
Hypo-Bank Burgenland is a regional bank in Austria and has been a part of the GRAWE Group since 2006. MagNet Bank is an independent Hungarian bank, established in 1995 as a savings cooperative. According to its website, it is a value-based bank and a community-building financial institution.
The CMS team was led by Partners Andreas Koehler and Erika Papp and included Senior Counsels Szilvia Kabacs and Eszter Kalman, Senior Associate Zsolt Zsurzsa, and Senior Consultant Arpad Lantos.