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Rymarz Zdort Advises Pekao on Acquisition of Business of Idea Bank in Resolution

Rymarz Zdort Advises Pekao on Acquisition of Business of Idea Bank in Resolution

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Rymarz Zdort has advised Pekao in the acquisition of certain assets, rights, and liabilities of Idea Bank in the course of the bank's resolution process, which was initiated by Poland's Bank Guarantee Fund.

According to Rymarz Zdort, "the Bank Guarantee Fund’s decision to initiate the resolution process of Idea Bank is the first instance of resolution instruments being applied with regard to a Polish commercial bank listed on the Warsaw Stock Exchange. The transaction involved the assumption by Pekao of the rights and assets constituting the enterprise and liabilities of Idea Bank, with certain exclusions, as stated in the relevant decision of the Bank Guarantee Fund. The value of the liabilities assumed by Pekao is PLN 14.6 billion."

According to Rymarz Zdort, "Pekao received support in the form of a subsidy from the Bank Guarantee Fund to cover the difference between the value of the liabilities being assumed and the value of the acquired rights and assets. Furthermore, the Bank Guarantee Fund provided a loss-coverage guarantee to Pekao with regard to the losses resulting from the risk associated with the acquired assets, rights and liabilities."

The Rymarz Zdort team was led by Partners Lukasz Gasinski and Magdalena Pyzik-Walag and included Partners Iwona Her, Marcin Chylinski, Jakub Zagrajek, Monika Kierepa, and Krzysztof Sajchta, Counsel Jerzy Bombczynski, Senior Associate Anna Krzanicka-Burda, and Associates Szymon Cieniawski, Anna Aranowska, and Aneta Kmoch.


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