OREANDA-NEWS. December 11, 2013. SORAINEN Latvia advised GE Money Bank, belonging to one of the largest multi-sector corporations in the world, in the sale of its deposit, lending and brokerage business, as well as investment funds and pension funds business to Citadele banka, the largest state-owned bank in Latvia, and its group.

This case was the most complex portfolio transaction in Latvia in 2013. SORAINEN team provided advice on financial regulations, banking transactions and merger clearance issues, as well as drafted the transaction documents, represented the client in negotiations with the buyer group and liaised with the Latvian Financial and Capital Market Commission (FCMC). During the final negotiations, the client was also represented by international law firm Slaughter and May. SORAINEN continues to advise the client on post-signing matters including the technical implementation of the transaction.

The transaction is part of GE’s strategy for an orderly exit from the Latvian market. The deal was signed on 12 July 2013, and has subsequently received clearance from the FCMC and the Competition Council of Latvia.

The core team advising the client is partner Rudolfs Engelis and senior associate Santa Rubina.