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Turcan Cazac assists OTP in takeover of Mobiasbanca

OTP Mobiasbanca


Chisinau, Moldova – Turcan Cazac has assisted OTP Bank, Hungary, with the acquisition of a total of 96.69% shares in local bank Mobiasbanca – Group Societe Generale SA (now re-named Mobiasbanca – OTP Group SA), the 4th largest bank on the Moldovan banking market, from Societe Generale, France, and BRD – Groupe Societe Generale SA, Romania.

The transaction, involving the acquisition of shares by way of direct sale and purchase on the regulated market, successfully closed on 25 July 2019.

Following the acquisition, the firm further assisted OTP Bank with the Mandatory Takeover Bid, that closed on 4 November 2019, following which OTP Bank now holds 98.25% in Mobiasbanca.

Turcan Cazac has assisted OTP Bank Plc. with carrying out a due diligence of the bank, deal structuring, execution of SPAs, and of other relevant documents, and also with obtaining the prior approval of the National Bank of Moldova and the consent of the National Financial Market Commission to carry out the deal.

The acquisition represents a strategic investment for OTP Group across multiple jurisdictions in which OTP Group acquired banks from Societe Generale, with a goal to strengthen its current position in the markets of the region and to explore investment opportunities. With the acquisition of Mobiasbanca, OTP Group is now present in 11 countries in Central and Eastern Europe.

The firm's mandate was handled by partners Alexander Turcan, Ana Galus, Mariana Stratan, Vadim Taigorba.

In this multijurisdictional project, the parties were also assisted by French, and Hungarian counsels, as well as local counsels from the other relevant jurisdictions.

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