WARSAW - Nov. 5, 2018 - Société Générale has entered into an agreement to sell Euro Bank, its retail banking subsidiary in Poland, to Bank Millennium.
The reference transaction price for the sale of Euro Bank has been set at PLN 1.83 billion. The final price will be adjusted based on the net asset value of Euro Bank at closing of the transaction.
The transaction involves the sale of Euro Bank in the entirety, and unlike other recent transactions in the banking sector does not involve a demerger of the business separated from the foreign currency mortgage business of the bank. The transaction is governed by Polish law and includes unique risk sharing arrangements in respect of the Swiss Franc denominated mortgage loan portfolio of Euro Bank.
Greenberg Traurig advised Société Générale as its Polish counsel in structuring and negotiating the transaction, development of the risk sharing arrangements for the Swiss Franc denominated mortgage portfolio, and consultations with the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego), and will continue to assist Société Générale with respect to Polish law in the completion of the sale.
The legal work on the transaction is supervised by Senior Partner Lejb Fogelman and led by Partner Stephen Horvath and Partner Łukasz Pawlak.
The Greenberg Traurig team also includes: Partners Marek Kozaczuk and Robert Gago, Local Partners Karolina Dunin-Wilczyńska and Anna Hałas-Krawczyk, of Counsel prof. Adam Opalski, Senior Associates Maciej Kacymirow, Radosław Pawluk, along with Associates Maciej Pietrzak from the London Office, Magdalena Medyńska, Mateusz Śliżewski, Magdalena Bachleda-Księdzularz, Grzegorz Socha and Marta Kownacka.
The closing of the transaction is expected in the first half of 2019, subject to the approval of the Polish Financial Supervision Authority and the relevant antitrust authority.
Société Générale is one of the largest European financial services groups with 31 million customers in 67 countries. Based on a diversified and integrated banking model, the Group combines financial solidity and a strategy of sustainable growth. Société Générale will continue to provide corporate and investment banking services in Poland, and will remain present in the country in various other activities.
Shearman & Sterling advised Société Générale on French law and other matters related to the transaction.
Greenberg Traurig LLP: Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East.
Greenberg Traurig Grzesiak sp.k. was named the 2018 Most Innovative Law Firm of the Year Award for Poland by International Financial Law Review (IFLR) and the 2017 Law Firm of the Year in Poland by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of more than 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.
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