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RTPR Allen & Overy Advised Banco Comercial Português on the Exit From Millennium Bank

Date: 07/31/2014
RTPR Allen & Overy advised Banco Comercial Português, the largest bank in Portugal, on the sale of Millennium Bank to OTP. Closing of the transaction will take place after the conditions precedent are fulfilled, including the approval of the Competition Council and the National Bank.

Mihai Ristici (partner) and Alina Stăvaru (Proteasa) (counsel) coordinated the RTPR Allen & Overy team of lawyers that offered advice on matters of Romanian law regarding the transaction. The team that advised the seller also included Laurențiu Tisescu, Loredana Boeru and Bianca Năstase, as well as English and Portuguese lawyers who advised on English and Portuguese law matters.

“It was a pleasure to work with our colleagues from Morais Leitão, Galvão Teles, Soares da Silva & Associados, alongside which we have advised Banco Comercial Português in other significant deals. The advantages of being part of a global team have once again surfaced in this project, since given the legal matters of the transaction, lawyers with Allen & Overy London, Budapest and of course Bucharest have been involved in the deal” declared Mihai Ristici, partner with RTPR Allen & Overy.

“We would like to thank our client for having put its trust in us and we feel honoured for having been given the chance to work on such a sophisticated deal that has involved multiple legal issues for which we had to pinpoint innovative solutions. Our M&A team have thus achieved a record number of 12 transactions signed in the last 12 months. As regards the banking sector in Romania, we believe there is still room for consolidation, which can only be a good sign for the M&A market”, declared Alina Stăvaru (Proteasa), counsel with RTPR Allen & Overy.

RTPR Allen & Overy’s main areas of activity are: financing, mergers and acquisitions, capital markets, insolvency and restructuring, competition, labour law, intellectual property law, litigation and arbitration, and providing advice across a range of business sectors including energy, telecommunications, finance, real estate and the pharmaceutical industry.

Note to the editors:
1. Allen & Overy is an international legal practice with approximately 5,000 staff, including some 525 partners, working in 43 major cities in 30 countries.
2. RTPR was incorporated in 2004 and has been working in association with Allen & Overy since 2008. RTPR Allen & Overy has a team of 43 lawyers, including 5 partners: Costin Tărăcilă, Victor Pădurari, Alexandru Retevoescu, Mihai Ristici, Valentin Berea and also Prof Dr Lucian Mihai, of counsel.
3. In this press release, “Allen & Overy” means Allen & Overy LLP and/or its affiliated undertakings.
4. In this press release, “RTPR Allen & Overy” means Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP.
5. Allen & Overy has been operating in the CEE region since 1991, when its first office opened in Warsaw. Since then, it has expanded its operations to include Prague, Budapest, Bucharest, Bratislava and Moscow, all of which are renowned in the market for top quality legal advice combined with local commercial understanding, as well as for their integrity and their pro-active approach to matters. Additionally, Allen & Overy signed an exclusive association with the leading full-service Romanian law firm Radu Taracila Padurari Retevoescu SCA (RTPR), effective from July 2008, expanding the number of CEE offices in which we are able to provide local law advice to six.

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