11 January 2004 – LAWFUEL – The law news network – Allen & Overy has advised Všeobecná úverová banka, a.s. (VUB), the second largest Slovak bank, owned by Italy’s Gruppo Banca Intesa, on its acquisition of five Slovak consumer credit companies.
The five companies acquired were TatraCredit, Quatro, Q-Car, Slovenská
požičovňa and Slovenske kreditne karty. As a result of the transaction,
VUB will now have some 400,000 retail clients. The transaction should be
completed, subject to regulatory approvals, by the end of the first
quarter of 2005.
The acquisition will help VUB to increase its loan, hire-purchase and bank
card products, as well as its distribution network and sales channels.
This is the first significant M&A transaction in the consumer finance
sector in Slovakia.
Bratislava-based partner Hugh Owen led the Allen & Overy team, assisted by
lawyer Martin Magál.
Commenting, Hugh Owen said: “This was a rewarding deal not only because we
managed to navigate the deal to signing, dealing with a number of complex
structural and legal issues throughout, but also because VUB is a major
and important client for us. For VUB the acquisition of the companies
means a significant expansion of both client base and distribution network
in the consumer finance sector. It aims to be number one in consumer
finance in the Slovak Republic and we are proud to be a part of this
development”
