Hogan Lovells acted as lead transaction counsel for the Nordea Group on its disposal of the Nordea Polish Open-ended Pension Fund (OFE) (assets under management of PLN 6.45 billion) to Aegon. Allen & Overy advised Aegon on the deal.
Following the integration of the funds, Aegon PTE will manage net assets worth an aggregate of PLN 12.4 billion - taking fourth position among the pension funds operating in Poland. “This deal finalizes the Nordea Group's plans to divest its Polish business units directly servicing clients, and to focus on core markets," said Claus Stoltenborg, Chairman of Nordea PTE’s Supervisory Board. According to Stoltenborg, the transaction, awaiting the Polish Financial Supervision Authority’s (KNF) approval, should be completed towards the end of the year.
Michal Biedzki, Chairman of the Supervisory Board of Aegon PTE S.A., commented that, “the transaction will help us further improve the quality of services to our customers, as well as strengthen our market position.”
In 2013, Nordea divested its Polish banking, finance and life insurance businesses to PKO Bank Polski, the country’s largest bank.
The Hogan Lovells team was led by Warsaw Managing Partner Beata Balas-Noszczyk, and included Counsel Tomasz Zak, Senior Associate Pawel Chodzinski, and Associate Karol Ruszkowski
The Allen & Overy team was led by Corporate Partner Jaroslaw Iwanicki with assistance from Senior Associate Tomasz Ciecwierz and Associate Joanna Kaleta. Tax advice was provided by Senior Associate Maciej Kulawik.
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