Skip to main content

Greenberg Traurig is advising BNP Paribas Group on the acquisition of the core banking business of Raiffeisen Bank Polska for PLN 3.25 billion

WARSAW – April 10, 2018 – BNP Paribas Group and Raiffeisen Bank International have reached an agreement for the acquisition of the core banking operations of Raiffeisen Bank Polska, to be combined with the subsidiary of BNP Paribas in Poland, Bank BGŻ BNP Paribas.

The transaction will be implemented through a demerger of Raiffeisen Bank Polska by spin-off of its core business to Bank BGŻ BNP Paribas. The core business excludes foreign currency retail mortgage loan portfolio and a limited amount of other assets.

The transaction price for the core banking business plus certain digitalisation projects has been set at PLN 3.25 billion.

The legal work on the transaction is coordinated by the BNP Paribas Legal M&A team, led by Head of M&A Legal Louis-Philippe Vasconcelos and the Greenberg Traurig team was supervised by Senior Partner Lejb Fogelman and led by Shareholder Stephen Horvath from the London office and Partner Łukasz Pawlak.

Greenberg Traurig advised BNP Paribas Group in structuring and negotiating the transaction, and will continue to assist BNP Paribas and Bank BGŻ BNP Paribas in the regulatory approvals and demerger process.

“Greenberg Traurig has a great relationship with BNP Paribas in Poland and elsewhere, and we were pleased to have this opportunity to work again with the BNP Paribas Group to achieve this milestone,” said London Shareholder Stephen Horvath.

Senior Partner Lejb Fogelman added “Greenberg Traurig is the leading firm in banking mergers and acquisitions in Poland, and we have pioneered the demerger structure being used here. This deal again demonstrates why we are the go-to firm for such work.”

The team also includes: partners Michał Fereniec, Ireneusz Matusielański, Robert Gago, and Marek Kozaczuk; local partners Karolina Dunin-Wilczyńska, Anna Hałas-Krawczyk, and Tomasz Kacymirow; Of Counsel Prof. dr hab. Adam Opalski;  senior associates Małgorzata Paśnik, Magdalena Zmysłowska, Wojciech Ostapowicz, Maciej Kacymirow, Ewa Tabor-Maciejewska, Radosław Pawluk, Marek Kłeczek, and Piotr Smolarczyk; along with associates Maciej Pietrzak from the London office, Mateusz Śliżewski, Grzegorz Socha, Natalia Wołkowycka, and Karolina Woronko.

The closing of the transaction is expected in the fourth quarter of 2018, subject to the execution of the final documentation, the approval from KNF and other regulatory approvals. The completion of the transaction will further strengthen Bank BGŻ BNP Paribas’ position as the sixth largest bank operating on the Polish market.

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 2017 Law Firm of the Year in Poland and the 2016 Law Firm of the Year in Poland - Client Service Award by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of 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.

For additional information, please visit