Clifford Chance advises International Finance Corporation on its investment in VeloBank

Global law firm Clifford Chance advised International Finance Corporation on its minority investment in VeloBank S.A., a Polish bank. IFC acquired 9.9% of the share capital of a holding company incorporated in the Netherlands, Promontoria Holding 418 B.V. Along with IFC, European Bank for Reconstruction and Development also acquired 9.9% of the share capital of Promontoria Holding 418 B.V. Private equity fund Cerberus is the majority shareholder of Promontoria Holding 418 B.V., owning the remaining 80.2% of its share capital.

As part of the transaction and after the satisfaction of certain conditions precedent (including consent from the Polish Financial Supervision Authority to the change of ownership of VeloBank S.A.), Promontoria Holding 418 B.V. acquired 100% of the shares in VeloBank S.A. from its owners, Bankowy Fundusz Gwarancyjny and Podmiot Zarządzający Aktywami Spółka Akcyjna.

Our work involved preparing and drafting the transaction documents, including the shareholders’ agreement, subscription documents, regulatory structure and advice, and coordinating the subscription.

The Clifford Chance team was led by Wojciech Polz (Partner) and Aleksandra Właszczuk (Senior Associate). The legal team in Warsaw also included Agnieszka Janicka (Managing Partner), Grzegorz Namiotkiewicz (Of Counsel) and Anna Biała (Counsel).

Further support was provided by Clifford Chance teams in Amsterdam (Tim Heerschop, Mark Jan Arends (Partners), Tjerk de Jonge (Counsel), Wouter Fonteijn (Associate)), Washington, DC (Jessica Springsteen (Partner), Catherine McCarthy (Counsel), Andrew Cotton (Associate)), and London (Caroline Dawson (Partner)).