PeliFilip assisted Tiriac Holdings in selling its participation at Unicredit Tiriac Bank

Law firm PeliFilip assisted Tiriac Holdings in selling its participation of 45 per cent at Unicredit Tiriac Bank to Italian group Unicredit, in the largest financial transaction of the year.

2015-06-08 12:08:25

PeliFilip joined a team of nine lawyers coordinated by Cristina Filip, partner and senior lawyers Monica Statescu, Mihaela Ispas, Alexandra Manciulea and Mirona Apostu.

In 2014, the law firm has also been involved in the largest financial deal of last year, the taking over of Volksbank by Banca Transilvania. Businessman Ion Tiriac decided to sell 45.059 per cent of UniCredit Tiriac Bank shares to the Italian group UniCredit, the bank's majority shareholder, bank sources told Mediafax. This is the largest transaction in the Romanian bank system made after the crisis.

Ion Tiriac owns shares at UniCredit Tiriac Bank by means of companies Redrum International Investments BV - 24.8310361 per cent of social capital and Vesanio Trading Ltd - 20.2286933 per cent of social capital. The Italian publication Messaggero writes that the Italian group had made an accord with Ion Tiriac but the transaction would be completed by Christmas. UniCredit will pay 700 million Euro for Ion Tiriac shares, writes Messaggero quoted by Reuters.

Ion Tiriac would not comment the information. Andrea Morawski from UniCRedit Media relations, Italy said:"we will not comment the matter as we do not usually comment press or market rumors. Ion Tiriac is one of the richest Romanians, with over 800 million euro. The businessman controls a group of firms specialized in auto, real estate, financial services, leasing or air transport.

Besides the 45 per cent participation in UniCredit Tiriac Bank, the Tiriac group controls 44 per cent of Allianz Tiriac insurance company, 25 per cent of handling services at Henri Coanda Airport and 15 per cent of the retail group Metro Romania.

The net profit of UniCredit Tiriac Bank and UniCredit Consumer Financing grew by 18 per cent in the first quarter of the ongoing year, to 72.1 million lei (16 million Euro), the bank announced. Operational incomes reached 375 million lei, 0.5 per cent more than in the same period of 2013, on the background of 9 per cent advance of net incomes from commissions and of the positive evolution of incomes obtained from transactions.

UniCredit Tiriac Bank concluded the quarter with 188 subsidies, while UniCredit Tiriac Bank and UniCredit COnsumer Financing had 3,116 employees. UniCredit group is present in the Romanian market by means of UniCredit Leasing Corporation, UniCredit Insurance Broker, Pioneer Asset Management, Unicredit Consumer Financing and UniCredit Business Integrated Solutions.