Hogan Lovells has advised Bank Millennium on its sale of an 80% stake in Millennium Financial Services to Towarzystwo Ubezpieczen na Zycie Europa and Towarzystwo Ubezpieczen Europa and their strategic bancassurance partnership. WKB Lawyers advised both buyers.
The transaction, valued at approximately PLN 500 million according to WKB, remains contingent on regulatory approval.
According to WKB, Towarzystwo Ubezpieczen na Zycie Europa will acquire 72% of the shares, while Towarzystwo Ubezpieczen Europa will acquire 8%. "Bank Millennium also signed agreements with both the buyers and Millennium Financial Services on the distribution of insurance products on an exclusive basis, including a cooperation agreement, distribution agreements, and agency agreements. The parties’ strategic cooperation will also involve a long-term bancassurance relationship in respect of selected insurance-linked credit products offered by Bank Millennium, which is expected to be launched by the third quarter of 2023," the firm informed.
The TU Europa insurance undertakings are part of the Talanx group. Bank Millennium is a WSE-listed commercial bank in Poland majority-owned by Banco Comercial Portuges.
The Hogan Lovells team included Office Managing Partner Beata Balas-Noszczyk, Partner Andrzej Debiec, Senior Counsel Piotr Zawislak, Counsels Tomasz Grygorczuk, Bartosz Romanowski, and Dorota Walerjan, and Senior Associate Piotr Kwasiborski.
The WKB team was led by Partners Grzegorz Godlewski and Jakub Pokrzywniak and included Partners Agata Szczepanczyk-Piwek and Piotr Grabarczyk, Counsel Wojciech Kulczyk, Attorney-at-Law Marek Pretki, and Lawyers Dominik Kulpa and Agnieszka Bartolik.
The TU and TUnZ Europa in-house team included Head of Legal Piotr Lewczuk.