PeliFilip has advised Banca Transilvania on its acquisition of Bancpost S.A., ERB Retail Services IFN S.A., and ERB Leasing IFN S.A. from Eurobank Group. The sellers were advised by Shearman and Sterling and Schoenherr.
Bancpost is the 9th largest bank in Romania, with a market share of 3% and total assets amounting to RON 11.6 billion (EUR 2.5 billion). Bancpost employs over 2,000 people through the network of approximately 150 units, serving more than 1 million clients.
Banca Transilvania — the second largest bank in Romania — has a market share above 13% and total assets of RON 54.9 billion (EUR 11.9 billion). BT has over 7,000 employees, 2.2 million clients, and approximately 500 units.
Stavros Ioannou, Deputy CEO of Eurobank, commented: “With the divestment of Bancpost and its affiliates, Eurobank fulfills the last outstanding divestment obligation under its restructuring plan as approved by the European Commission with a capital accretive transaction. I believe that this transaction with a reputable partner such as Banca Transilvania is in the best interest of Bancpost clients, depositors and employees. Going forward Eurobank will concentrate and further develop its key markets. I would like to thank all our colleagues in our Romanian subsidiaries for the close and fruitful cooperation all these years as well as the representatives of BT for this successful outcome.”
Horia Ciorcila, Chairman of BT’s Board of Directors, says: “The acquisition of Bancpost represents a value accretive opportunity for Banca Transilvania that will be maximized through the integration of the two banks. The acquisition will complement BT’s organic growth strategy so that we may further strengthen and consolidate our market position. We are prepared to responsibly adapt to the new dimension of Banca Transilvania, to a new chapter. BT will continue pursuing its objective of supporting the Romanian entrepreneurs and the local economy, with the aim of further boosting the value creation for BT’s shareholders, clients and employees. We thank the representatives of Eurobank for their support, professionalism and cooperation in the context of the negotiation of this transaction which is of strategic importance for both parties.”
Bancpost and Banca Transilvania will continue to carry out their activity independently until the receipt of the required approvals from the NBR and the Competition Council, expected in the following months. Once the acquisition is completed, BT will work on the integration roadmap with the support of BT and Bancpost teams.
The PeliFilip team was led by Alina Birsan and Carmen Peli, with Partner Oana Badarau coordinating real estate-related aspects and Partner Catalin Suliman leading the Competition team. The project team included Senior Associates Alexandra Manciulea and Alexandru Gosa.
The Schoenherr team was led by Partners Matei Florea and Madalina Neagu supported, Schoenherr reports, "by twenty lawyers from the tax, competition, employment, capital markets, banking & finance, real estate, and corporate M&A practice groups."
The Shearman and Sterling team was led by London-based Partner Frank Miller.