What's new at DZP?
Experts in our Capital Markets and Financial Institutions Practice have advised Getin Holding SA, Idea Bank SA and Romanian International Bank SA (a Romanian bank that is a subsidiary of Getin Holding on whose acquisition DZP advised at the end of last year) on the purchase from VB-Leasing International Holding GmbH of the companies VB Leasing Polska SA and VB Leasing Romania IFN SA. The price for the VBL PL shares was almost PLN 173 million, and for the VB Leasing Romania shares – around PLN 52 million.
Based on the value of contracts concluded in 2013, VB Leasing Polska estimates that it is in 10th position on the Polish market and leader on the heavy vehicle leasing market, while based on the same criteria VB Leasing Romania IFN estimates that it holds 6th position in Romania. The acquisition of VB Leasing Polska has strengthened Idea Bank Group's position in the leasing services segment and is the next step in a full-range offer being developed for businesses at Idea Bank. VB Leasing Romania IFN joining the Getin Holding Group structure will raise Getin Holding's profile on the Romanian market and will create the foundations for a strong capital group centred on Romanian International Bank.
Together with Getin Holding's acquisition of the two leasing companies, DZP advised Idea Bank and Romanian International Bank on their acquisition from VB Leasing Polska and VB Leasing Romania IFN respectively of portfolios of leasing receivables and receivables under other agreements due to each of these companies from their clients. Idea Bank acquired a receivables portfolio for PLN 1,588 billion and EUR 288,4 million, and Romanian International Bank acquired a receivables portfolio for EUR 114,93 million. The resulting proceeds were allocated by VB Leasing Polska and VB Leasing Romania IFN to repaying the whole of the funding extended to these companies by VB-Leasing International Holding GmbH group entities. The transaction was the biggest acquisition combined with funding repayment on the Polish market in 2014 and was the first transaction to finance leasing activity related to the acquisition of receivables by the bank on the Romanian market.
The transaction closing was planned so that both the transfer of the shares and the transfer of the cash related to transaction settlement (also foreign transfers) took place on the same day.
DZP provided both legal and tax advice at all the various stages of the year-long transaction (and also co-ordinated legal advice on Romanian law).
The project was led by Andrzej Foltyn, head of the Capital Markets and Financial Institutions Practice, and Magdalena Skowrońska, Partner in the same Practice. The team advising the client also included Jarosław Chojnacki, Tomasz Kalicki and Anna Turska.
From 25 May 2018 the General Data Protection Regulation (GDPR) applies in Poland and other European Union countries. We would therefore like to give you several details on the subject of how DZP processes personal data.
The administrator of the personal data is Domański Zakrzewski Palinka Sp.k. (“DZP”; address: Rondo ONZ 1, 00-124 Warszawa). Data are processed for contact purposes and to impart information on changes to provisions and authority practices and on other issues, including events concerning day-to-day legal, economic and cultural issues, inter alia, by sending DZP newsletters. The above is carried out on the basis of legitimate interests, i.e. in accordance with art. 6(1)(f) of the GDPR. Data can also be processed where necessary for the conclusion or performance of a contract and for compliance with a legal obligation to which DZP is subject, i.e. pursuant to art. 6(1)(b) and (c) of the GDPR. Data can be transferred to entities with whose help DZP achieves the indicated aims, including entities maintaining IT infrastructure. Giving data is voluntary and in contractual relations is a requirement for concluding and performing a contract. It is possible to object to data processing, request access to, rectification and erasure of personal data or restriction of processing and data portability. Data are kept until an objection is made, and in contractual relations – throughout the term of the contract and thereafter for a period specified in provisions on archiving and limitations period for claims. Anyone has the right to file a complaint with the President of the Personal Data Protection Office. Questions concerning privacy at DZP can be sent to DZP’s Data Protection Inspector, Macieja Maciejewskiego, at: firstname.lastname@example.org.
New rules on cookies: Domański Zakrzewski Palinka sp.k., as the service provider of the www.dzp.pl website, stores and accesses cookies, i.e. small text information fles sent by a web server and stored on your hard drive, or other data storage medium of a user, for the purposes of: proper functioning of the www.dzp.pl website, confguring the www.dzp.pl website, security and reliability of the www.dzp.pl website, session monitoring, providing advertisements, personalization of the displayed information to the user, or analysis, statistics, research and website trafc auditing.