Deutsche Bank Finances Acquisition of Latvijas Krajbanka Portfolios
OREANDA-NEWS. April 29, 2014. SORAINEN Latvia advised Deutsche Bank, London Branch on financing the buyer of performing and non-performing credit portfolios from Latvijas Krajbanka, which is in insolvent liquidation.
The total number of clients in the portfolios exceeded 3,000, and they included corporate loans, mortgage loans and consumer loans.
The SORAINEN team assisted Deutsche Bank, London Branch, which was arranging a syndicated loan facility, on the financial and security documents and the portfolio acquisition transaction. SORAINEN also advised on the taxation aspects of the transaction.
Following the signing of the financing and acquisition transactions in August 2013, the buyer, Baltics Credit Solutions Latvia, obtained clearance from the Financial and Capital Market Commission of Latvia in November 2013, and the portfolios were gradually taken over by the buyer.
The client was advised by partners Rudolfs Engelis and Janis Taukacs, and associate Martins Rudzitis.