We are pleased to announce that we advised Bank Polska Kasa Opieki S.A. (Bank Pekao) and Pekao Bank Hipoteczny S.A. (PBH) in a demerger transaction of PBH, involving the spin-off of part of its business and its transfer to Bank Pekao.
The transaction required a number of regulatory and corporate approvals. Importantly, the resolution on the demerger was unanimously adopted by the general meeting of Bank Pekao in September this year – a rarity for public companies.
As a result of the transaction, PBH transferred to Bank Pekao a portfolio of loans, including, in particular, mortgages that at any time were classified as granted in foreign currency, as well as selected loans in Polish zloty. The transfer also included a team of employees and the assets necessary to service this portfolio.
Bank Pekao, founded in 1929, is one of the largest financial institutions in Central and Eastern Europe and the second largest universal bank in Poland.
Pekao Bank Hipoteczny is one of five mortgage banks currently operating in Poland and is a wholly owned subsidiary of Bank Pekao.
“It was an inspiring experience for us to work with the outstanding specialists from Bank Pekao and PBH on such a complex project. We are particularly pleased with the unanimous support of the transaction by Bank Pekao’s shareholders at the general meeting“, comments Dr Adam Puchalski, partner at Rymarz Zdort Maruta.
The work on the transaction was led by Dr Adam Puchalski (partner), with the support of Szymon Cieniawski (counsel) and Julia Kosiniak (associate).
Strategic oversight of our advisory services was provided by Dr Hab. Łukasz Gasiński (partner co-leading the regulatory practice). Representatives of this practice have participated in all mortgage bank demerger transactions conducted in Poland to date.