On July 28, Volskbank Romania announced that it had finalized the sale of a EUR 495 million portfolio of non-performing loans to a consortium of foreign investors.
Volksbank Romania was represented by Schoenherr, with Tuca Zbarcea & Asociatii and Badea Clifford Chance advising the buyers. PWC acted as a sales counsel on behalf of Volksbank.
The portfolio included 3,566 credits and associated collateral. The consortium purchasing it consisted of Deutsche Bank, AnaCap Financial Partners, H.I.G Capital International Advisers, and APS Holding SE. Volksbank reported that, as a result of the transaction, it lowered its rate of non-performing loans to what it describes as a “comfortable level of under 8%, 3 times lower than the average in the Romanian banking sector.”
On the deal, Alexander Tscherteu, vice-president for Volksbank Romania, commented: “It is the first transaction of its kind on the Romanian market. Other banks are sure to follow in our footsteps. Closing the deal would not have been possible without the help of a dedicated team and without the help of Schoenherr as legal counsel and PWC as sales counsel.”
The Schoenherr Romania team was led by Partner Matei Florea and included Partner Madalina Neagu and Attorney at Law Cristina Dumitrascu.
Schoenherr Romania and Tuca Zbarcea & Asociatii were also involved in the VB Leasing Romania sell to the Polish company Getin Holding, reported on by CEE Legal Matters on May 20, 2014.