White & Case Advises Intrum on Acquisition of Piraeus Bank's Recovery Banking Unit

Press Release
1 min read

Global law firm White & Case LLP has advised Intrum AB on the €328 million acquisition and hive-down of the Recovery Banking Unit (RBU) of Greece’s largest bank, Piraeus Bank. 

"We have advised our client Intrum on a high profile deal that marks the start of a long-term strategic partnership with Piraeus Bank," said White & Case partner Gavin Weir, who co-led the Firm’s deal team. “This transaction will be transformational for Piraeus Bank and the Greek banking market more widely, providing a new route to raise capital and grow."

The RBU will be hived-down into a separate legal entity (NewCo) valued at €410 million, which will be fully consolidated by Intrum. Over 1,200 bank employees will be transferred to the newly independent RBU business and a €28 billion securitisation of non-performing loans (NPLs) will be managed by Intrum through the RBU business. Intrum will acquire 80 percent of the shares in the NewCo corresponding to a purchase price of €328 million of which €296 million is paid in cash on closing of the transaction with the remainder planned, subject to reaching certain financial targets, after year end 2022. Piraeus Bank will own the remaining 20 percent of the shares.

The White & Case team that advised on the transaction was led by partners Gavin Weir (London), Henrik Wireklint (Stockholm) and Dennis Heuer (Frankfurt), and included partners Ingrid York and Stuart Willey (London), counsel Richard Blackburn (London) and associates Christian Holbrook, Christopher Beardmore, Claire Sackman, Erika Games, Nathaniel Crowley and Elizabeth Emerson (all London) and Claire-Marie Mallad and Alexander Kreibich (both Frankfurt).

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