We provided legal support to PrivatBank in transferring its client portfolio and part of its assets and liabilities to Industra Bank. The total of the loans included in the transaction was approx. EUR 25 million, and the amount of deposits exceeded EUR 50 million. The transaction received the permission of the Financial and Capital Market Commission and was completed on 20 August 2022.

Rūdolfs Eņģelis, a partner in the Sorainen Latvian office’s Finance and Insurance practice group, commented: “We were delighted to be able to help PrivatBank in carrying out this transaction in order to support the transformation process of the bank. Transfers of the undertakings of credit institutions do not happen very often in Latvia, and we had a great opportunity to use our know-how, accumulated over many years in transactions such as the restructuring of Parex Bank, the sale of the client portfolio of GE Money Bank, the creation of Luminor Bank and just recently the acquisition of a corporate loans portfolio from Danske Bank.”

The Sorainen team for the transaction also included partner Jorens Jaunozols; counsels Santa Rubīna, Jānis Bite and Andis Burkevics; and senior associates Edvīns Draba and Māris Simulis.