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Getin Noble Bank to buy the retail and SME banking business from DnB Nord

02.10.2012

Autorzy:
Andrzej Foltyn
Magdalena Skowrońska
Piotr Jackowski

On October 2nd Bank DnB NORD Polska S.A. and Getin Noble Bank S.A. have signed the preliminary agreement under which Getin Noble Bank will purchase the organized part of Bank DnB NORD's banking business. Domanski Zakrzewski Palinka is acting as legal advisor of buyer in this transaction.

The sale agreement covers the retail and SME business of Bank DnB NORD Polska, composed of nearly 40 branches that provide banking services to over 35 thousand clients, primarily to housing communities, small- and medium-sized enterprises, as well as retail clients. The total lending volume within this transaction amounts to around 1 bn PLN. The transaction will cover performing loans as well as other banking products like deposits and current accounts - it doesn’t include mortgage loans products.

Due to formal requirements, the sales process is structured into several phases. Successful conclusion of the agreement is subject to, among others, the approval of Polish Financial Supervision Authority, as well as individual consents of the clients to switch the bank. The transaction is expected to be closed in Q2 2013.

The project was handled by lawyers from the Capital Markets and Financial Institutions Practice: Andrzej FoltynMagdalena SkowrońskaPiotr Jackowski i Elżbieta Lech.