CMS Cameron McKenna has advised OTP Bank Romania, a member of the OTP Group, on the signing of an acquisition agreement for the purchase of 100% of Millennium Bank Romania, a member of Banco Comercial Portugues. The purchase price was EUR 39 million.
According to an OTP statement, Millennium Bank, with total assets of RON 2.83 billion (approximately EUR 635 million) as of December 31, 2013, is the 22nd largest bank on the Romanian market, with a 0.8% market share. Millennium Bank has nearly 80 thousand clients, with a branch network of 56 units and 58 ATMs. As a result of the acquisition the market share of OTP Bank Romania will rise to 2.1% and it will become the 11th largest Romanian bank, with almost 400,000 clients, almost 150 branches, and over 160 ATMs. The integration process is expected to be executed within 1 year.
The CMS team was led by London-based Partner Eva Talmacsi with the support of Bucharest-based Partner Horea Popescu. The team also included CMS lawyers Szilvia Kabacs, Raluca Ionescu, Mircea Moraru, Cristina Reichmann, Valentina Parvu, Nona Cernov, Anna Burchner, Arpad Lantos, and Ivan Sefer.