Advising Deutsche Bank as one of the providers of financing for the unprecedent acquisition of a loan portfolio from bankrupt AB bank Snoras

COBALT advised Deutsche Bank as part of a consortium of international investors which will finance the acquisition of a loan portfolio from bankrupt AB bank Snoras.

Due to the size of the loan portfolio and peculiarity of the seller (a bankrupt bank), such type of transaction is unprecedented in Lithuania. The project required professional, innovative, fast, creative and extremely active approach. Closing is expected later this year.

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. Deutsche Bank is part of a consortium of international investors to finance the acquisition of a loan portfolio from bankrupt AB bank Snoras.

Bank Snoras was one of the commercial banks founded in Lithuania. The Lithuanian Government suspended Snoras’ activities on 16 November 2011.

Our assistance included legal due diligence of the loan portfolio and advice on transaction structuring. The project was led by Dr Irmantas Norkus, Managing Partner, and Dr Juozas Rimas, Head of M&A practice group.