Rymarz Zdort Maruta has advised the Bank Guarantee Fund on the sale of VeloBank to US fund Cerberus Capital Management for an investment amount of more than PLN 1 billion. Linklaters advised Cerberus.
The transaction remains contingent on regulatory approval.
The BGF guarantees bank deposits in Poland and provides support for financial institutions at risk of bankruptcy.
VeloBank is a bridge institution, the successor to Getin Noble Bank, which was subject to resolution.
Cerberus Capital Management is an investment firm based in the US.
The Rymarz Zdort Maruta team included Partner Magdalena Pyzik-Walag, Senior Associate Pawel Mazur, and Associates Filip Goledzinowski, Szymon Marciniak, and Tymoteusz Matusiak.
The Linklaters team included Warsaw-based Partner Marcin Schulz, Managing Associates Joanna Gawlicka and Magdalena Szewczyk, and Senior Associates Maciej Pietron and Michal Wolangiewicz, with further team members in London.
Editor's Note: After this article was published, CMS announced it advised the EBRD on an acquisition of a minority stake in VeloBank. The firm's team included Partners Mateusz Stepien, Graham Conlon, and Slawomir Czerwinski, Counsels Antoni Wandzilak, Jaroslaw Gajda, Agnieszka Starzynska, Krzysztof Sikora, and Mariusz Minkiewicz, and Associate Jakub Rykowski.
Subsequently, Clifford Chance announced that it advised the IFC on its minority investment in VeloBank. The firm's team included Managing Partner Agnieszka Janicka, Partner Wojciech Polz, Of Counsel Grzegorz Namiotkiewicz, Counsel Anna Biala, and Senior Associate Aleksandra Wlaszczuk as well as further team members in Amsterdam, Washington, DC, and London.
