Financial Services & Insurance Experience

Advising GE Money Bank, part of one of the largest multi-sector corporations in the world, on the sale of its deposit, lending and brokerage business, as well as its investment funds and pension funds business to Citadele banka, the largest state-owned bank in Latvia.

Advising Deutsche Bank, London Branch on financing the buyer of performing and non-performing credit portfolios from Latvijas Krājbanka, which is in insolvent liquidation. The total number of clients in the portfolios exceeded 3,000, and included corporate loans, mortgage loans and consumer loans.

Advising Nordea, the largest financial services group in northern Europe, on the transfer of its Baltic banking business, operated by Nordea Bank Finland in Estonia, Latvia and Lithuania, to its Swedish parent company Nordea Bank.

Advising PZU, the largest Polish life and non-life insurer, on its acquisition of assets in Lithuania (Lietuvos Draudimas), Latvia (Balta) and Estonia (branch of Codan Forsikring) from RSA Insurance Group. Total transaction value with respect to Baltic assets is approx EUR 270 million, the largest M&A transaction in the Baltics in 2014. 

Advising Aon, a leading provider of risk management services, insurance and reinsurance brokerage and human capital consulting, in implementing a cross-border merger of its subsidiaries operating in Estonia, Latvia and Lithuania into one corporation and two branches in the Baltic States.

Advising ERGO, one of the largest insurance groups in Europe, on the cross-border merger of its subsidiaries operating in Estonia, Latvia and Lithuania into a European Company (“Societas Europaea”) registered in Estonia with branches in Latvia and Lithuania under the new business name ERGO Insurance SE and also on related matters in Belarus.

Advising Marketform, an approved Lloyd's Managing Agency, on Lithuanian insurance regulatory requirements, assisting in development of an insurance sales model and drafting their Lithuanian insurance product documentation. Notably, due to peculiarities of the Lloyd's system (as Lloyd's is an insurance market and not a conventional insurer) we also assisted the client at meetings with the regulator – the Bank of Lithuania – where the peculiarities of the Lloyd's system and Marketform’s role in it were presented.

Advising Citi Venture Capital International (CVCI), a global private equity firm focusing on developing markets, on investing in Tallink Grupp, one of the largest listed passenger and cargo shipping companies in the Baltic Sea region. Baltic Cruises, a CVCI fund, obtained an overall 15.7% stake in the Estonia-based company Tallink Grupp for EUR 116.6 million.

Advising the European Bank for Reconstruction and Development, the largest European private equity investor, on its lending to Belarusian corporate and banking clients for a total amount exceeding EUR 68 million, including loans to a large Belarusian retail chain, a rapidly growing operator of gas and petroleum stations, a large private furniture manufacturer and many others.

Advising International Finance Corporation (IFC) on extension of loans to the Belarusian banking and corporate sector for a total amount exceeding EUR 90 million, including arranging and providing long-term corporate loans for a total amount of EUR 67 million to the Alutech Group of companies, the largest private manufacturer of aluminium products in Belarus, in 2010 – 2013.

Continuously supporting the Nordic Environment Finance Corporation (NEFCO), an international financial institution established by the five Nordic countries, on extension of loans in Belarus under its Cleaner Production Facility programme. NEFCO finances investments and projects primarily in Russia, Ukraine and Belarus, in order to generate positive environmental effects of interest to the Nordic region and to promote reduction of industrial pollution through efficient resource and energy utilisation.

Advising Baltic Property Trust, the largest real estate investment fund in the Baltics, on regional corporate restructuring involving separation of its operational real estate management businesses in the Baltics and Poland into a separate subsidiary group under an Estonian entity. This was the largest private equity fund restructuring project in the Baltics to date.

Advising Parex banka on its restructuring under a plan approved by the Latvian Government earlier in 2010. This is the largest and most complex restructuring to have taken place in the Baltic countries. The restructuring involved transfer of a significant share of Parex banka assets and liabilities (including loan portfolios and deposit portfolios) to Citadele banka, which is fully owned by the same controlling shareholders as Parex banka.

Representing the Deposit Insurance Fund of the Republic of Lithuania in the bankruptcy proceedings of Bankas Snoras. This unprecedented insolvency process is the most complex in Lithuania and the largest in scale so far. The bankruptcy of Bankas Snoras has wide international connections as the Bank had activities in various jurisdictions, including eg Panama, Russia and other CIS countries, Switzerland and the Baltics. This case is also notable due to fraud charges against former Bankas Snoras owners, who are fighting extradition to Lithuania, as well as a potential auditor negligence case against E&Y and many other aspects and interested parties.

Advising the Ministry of Finance of the Republic of Lithuania on preparation for informal and formal ECOFIN meetings, trilogues, consultations on preparation and analysis of strategic materials related to the meetings, and execution of presidency work in the financial services field. The scope and complexity of advice requires extensive knowledge of financial services regulation in the EU, as well as a detailed understanding of the EU legislative process.

Advising the Ministry of Finance of the Republic of Lithuania on matters of Lithuanian law related to the issue of EUR 400 million 4.85 % Notes that were consolidated and form a single series with the EUR 1 billion 4.85 % Notes due 2018 issued on 29 October 2007 and re-opened on 24 April 2012. The transaction was lead-managed by Barclays and Citigroup.

Advising DNB Bank ASA (Norway) and DNB Bankas (Lithuania) on the grant of a EUR 55 million loan to the Norwegian real estate development group Schage for development of Quadrum Business City in Vilnius. The total disclosed value of Schage’s investment in the project is EUR 75 million.

Advising JUNONALT and Roltena, two of the first currency exchange operators in Lithuania established after liberalization of currency exchange in the cash market in 2014.

Advising major Lithuanian credit union Mano Unija on structuring the financing of business loans already issued by Mano Unija through Latvian peer-to-peer lending marketplace Mintos.

Advising a syndicate of Skandinaviska Enskilda Banken, SEB Bankas and DANSKE BANK (working through a Lithuanian branch), on a long term loan agreement with Teo LT. Syndicated financing amounts to EUR 150 million and was used to finance the acquisition of Omnitel shares from TeliaSonera. This was one of the biggest loan transactions in Lithuania that year.

Assisting the Lithuanian Ministry of Finance in issuing two (10– and 20–year) Eurobonds of EUR 750 million each in the international capital markets, thus creating a new milestone in the country’s borrowing history.

Advising SEB Bankas on the financing of the Palanga bypass project. This was the first project (amounting to over EUR 35.8 million) in the Lithuanian transport and communications sector implemented through public and private partnership.

Advising the buy-side on a transaction where the Swiss-based global private markets investment manager, Partners Group acting on behalf of its clients and its new investment vehicle together with its operating partner Northern Horizon Capital acquired real estate in all three Baltic States and Poland from the ‘BPT Optima’ real estate fund. Total transaction value amounts to EUR 163 million. The corresponding real estate transaction was the biggest of its kind since the financial crisis. 

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