GE turns to Freshfields on DeltaBank purchase

Freshfields Bruckhaus Deringer has won its first instruction for GE Consumer Finance to advise on the company’s largest Russian investment to date.

The deal sees GE Consumer Finance buy DeltaBank, the Russian issuer of Visa cards, for $150m (£82.2m). The deal is subject to regulatory approval and is expected to conclude in the autumn.

London partner Jeffrey Roberts led the team for Freshfields, alongside Nick Gamble and Moscow finance partner Tobias Muller-Deku.

Weil Gotshal & Manges, led by London partner Ian Hamilton, scooped the role for DeltaBank, despite having no presence in Moscow. The firm advised the shareholders of DRB Holdings, the owners of DeltaBank.

The deal is the latest indication of the continued buoyancy of the Russian investment market, despite the uncertainty engendered by the Yukos saga.