CERHA HEMPEL Austria and CERHA HEMPEL Hungary as well as K&L Gates Italy advised the European Bank for Reconstruction and Development on the sale of a 15% stake in Erste Bank Hungary Zrt to the Erste Group Bank AG. The transaction was completed on 11 December 2023. The transfer of the shares was executed in line with a Put and Call Option Agreement dated 2016 and followed the Hungarian government’s recent exit from Erste Bank Hungary Zrt.
The CERHA HEMPEL team was led by Peter Knobl. The K&L Gates Team was led by Paolo Zamberletti.
CERHA HEMPEL Austria: Peter Knobl (Partner, Banking & Finance, team coordination Austria and Hungary, banking regulatory and Austrian civil and contractual law), Heinrich Foglar-Deinhardstein (Partner, Corporate & Commercial Law), Jakob Hartig (Partner, Corporate & Commercial Law), Isabella Patt (Associate, Corporate & Commercial Law).
CERHA HEMPEL Hungary: Edina Nagy (Partner, Hungarian corporate and commercial law, civil law), Marton Kocsis (Partner, Hungarian antitrust and cartel law), Magdolna Macsuga (Senior Associate, Hungarian banking regulatory law and HNB reporting).
K&L Gates Italy: Paolo Zamberletti (Partner, English law and coordination with the EBRD), Alessandro Morleo (Associate, English law, coordination with the EBRD).
Additional context can be found in a Reuters report (https://www.reuters.com/markets/deals/ebrd-sells-15-stake-erste-group-banks-hungarian-unit-director-2023-11-15/) dated November 15, 2023.