Herbert Smith’s Benelux ally Stibbe has landed a role on the bailout of another Belgian bank, acting for the authorities on the nationalisation of Dexia.
As revealed by TheLawyer.com yesterday (29 September), Stibbe corporate partners Marc Fyon and Olivier Clevenbergh and finance partner Ivan Peeters are advising the Belgian government, as well as the country’s Banking and Finance Commission and National Bank, on the part nationalisation of Fortis.
The same team is advising the Belgian authorities on its €1bn (£800m) cash injection in Dexia, while the bank is being advised by Cleary Gottleib Steen & Hamilton Brussels partner Laurent Legein.
On both deals local firm Liedekerke Wolters Waelbroeck Kirkpatrick is acting for the Belgian government and the holding company through which it is channelling its investments with partner Thierry Tilquin leading.
Under the terms of the deal, the governments of Belgium, France and Luxembourg, as well as a number of institutional investors, will pump cash into the bank.
The news comes after Fortis, which has suffered since it joined a Royal Bank of Scotland (RBS)-led consortium on the buy-out of Dutch bank ABN Amro last year, was bailed out by the governments of Belgium, Luxembourg and the Netherlands, with the largest share of the money coming from the Belgian government.
Fortis was advised by a team from Linklaters, with Brussels-based partners Jean-Marie Nelissen Grade and Eric Pottier leading.