Rosbank and banking group Alfa-Bank reached an agreement on sale of shares in Belrosbank.

Belrosbank is a full-service bank founded by Rosbank in 2003. The bank employs 765 people across 29 offices in all regions and major cities of Belarus, and serves more than 100,000 customers. More than 99,99% of shares in Belrosbank belong to Rosbank, which is a part of Société Générale Group.

This is one of the biggest M&A deals in Belarus in 2012, and is expected to double Alfa-Bank’s assets in Belarus upon completion.

Sorainen Belarus is a local counsel to Rosbank in this transaction. Sorainen team assistance included preparation of the data room for legal, financial and tax due diligence and its operational supervision; advice on regulatory and tax aspects of the deal; and the revision of the transaction documents, including the share purchase agreement.

The transaction was completed in December 2012.

The Sorainen legal team was led by Maksim Salahub, partner, and Ann Laevskaya, senior associate.