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AVELLUM Advises Investor on Acquisition of 99.91% Stake in Marfin Bank from Cyprus Popular Bank

July 2017

AVELLUM advised Saggarco Ltd on the acquisition of 99.91% stake in PJSC Marfin Bank (“Marfin Bank”) from Cyprus Popular Bank Public Co Ltd (“CPB”).

We assisted our client with the due diligence of Marfin Bank, pre-transaction restructuring, transaction documentation, approvals of the National Bank of Ukraine and the Antimonopoly Committee of Ukraine.

This deal expands our banking M&A portfolio of transactions, which includes the disposal of shares in Ukrsotsbank, the acquisition of Bank “Center”, and the acquisition of shares in Raiffeisen Bank Aval by EBRD.

“Upon successful completion of this transaction, our team once again reaffirmed its ability to support the most challenging M&A transactions, regardless of their complexity and timeline,” said Mykola Stetsenko, managing partner of AVELLUM.

CPB, through its subsidiaries, provides banking and financial services to individual and corporate customers in Cyprus, Greece, and internationally. It operates under the regulation and supervision of the Central Bank of Cyprus.

Marfin Bank provides full range of banking operations. It covers the main cities of Ukraine and renders services to over 11,000 companies and more than 200,000 individuals.

The AVELLUM team that was involved in this project was led by by managing partner Mykola Stetsenko and associate Yuriy Zaremba, with support from associates, Dmytro Tkachuk and Olga Tersina. Andriy Romanchuk, associate, advised Saggarco Ltd on banking regulatory matters and transaction structuring. Antitrust matters that arose in connection with the transaction were handled by senior associate Yaroslav Medviedev, with the support from associates Andrii Gumenchuk and Anton Arkhypov.

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