Vulic Law, working with Gide, has advised the International Finance Corporation on its EUR 160 million financing for Serbia's Drenik ND. Wolf Theiss's Hungarian office reportedly advised the IFC as well.
Closing: Sale of Majority Stake in Ydrogios Insurance to Reale Group Now Closed
On February 21, 2024, Zepos & Yannopoulos announced that the sale of an approximately 77% stake in Ydrogios Insurance to the Reale Group (as reported by CEE Legal Matters on July 17, 2023) had closed.
A Year in Review: A Brief Analysis of the Serbian Banking Sector in 2023
As of the close of 2022, Serbia's banking sector faced challenges amid global economic conditions. The year 2023 brought its distinct set of obstacles, with a noteworthy slowdown in global inflation compared to the last quarter of 2022. However, the undeniable focal point is the war in Ukraine, triggering a faster inflationary spiral due to increased energy and food prices.
Bernitsas Advises Hoist Finance on Project Pearl Portfolio
Bernitsas has advised Hoist Finance on its purchase of the Pearl Portfolio – a retail NPL portfolio of unsecured and secured loans originated by Alpha Bank – in a secondary sale and transfer transaction.
CMS and Filip & Company Advise on Banca Transilvania Purchase of OTP Bank Romania
CMS has advised the OTP Group on the binding agreement to sell its stake in OTP Bank Romania and all subsidiaries to Banca Transilvania for a combined purchase price is EUR 347.5 million. Filip & Company advised Banca Transilvania on the acquisition.
TGS Baltic Advises on EIB and Siauliu Bankas Agreement for New EUR 200 Million Renovation Fund
TGS Baltic has advised the European Investment Bank on its agreement with Siauliu Bankas to set up and manage a second, EUR 200 million, apartment building renovation fund in Lithuania.
Reporting on FX Operations in Serbia: Common Mistakes Leading to Misdemeanour Liability
Under the Serbian Law on Foreign Exchange Operations and its accompanying bylaws, Serbian residents have various reporting obligations towards the National Bank of Serbia (“NBS”), which is competent for controlling foreign exchange (“FX”) operations of residents and non-residents. It is not rare in practice that companies operating in Serbia are not aware of (all) such obligations, especially in the cases of first-time entrance to the market, which exposes them to potential liability for FX misdemeanours. The controls in this area are common while identified irregularities are followed by misdemeanour proceedings.