CMS Cameron McKenna reaped the benefits of its longstanding relationship with Erste Bank by advising on the largest-ever deal to take place in Romania.
The firm acted for Austria’s Erste Bank der Oesterreichischen Sparkassen on the bank’s winning bid to acquire a majority shareholding in Banca Comerciala Romana (BCR). Erste Bank bid €3.75bn (£2.57bn) for its stake – part of a privatisation process out of state control. Portuguese Millennium BCP was an unsuccessful bidder.
Erste Bank relationship partners Helen Rodwell, based in Prague, and Susan Hankey, based in London, led the Camerons team. They were assisted by Cristina Brinzan Law Office in Bucharest.
Rodwell said: “BCR is the last sizeable bank in Central and Eastern Europe remaining to be privatised and as such it offers a great opportunity for Erste Bank to expand further in the region.”
Central and Eastern Europe is a key region for Camerons and the firm recently expanded it network through a merger with Hayhurst Robinson, which has offices in Budapest and Sofia.