Asters acted as a legal counsel to Public Joint Stock Company Swedbank in connection with sale of its performing retail loan portfolio to Public Joint Stock Company Delta Bank. JSC Swedbank is a Ukrainian subsidiary of Swedbank AB, one of the leading banks in Northern Europe and the Baltic countries.
Following the new strategy for Ukraine, starting from 20 September 2011 JSC Swedbank is focused solely on corporate business while servicing around 17 500 corporate customers. The sale of retail portfolio is in line with Swedbank's new strategy for Ukraine. Asters' advisory role in the transaction included its structuring, assistance at the due diligence stage, as well as drafting transaction documents and their negotiation with the purchaser.
Asters' team included senior associate Yevgen Porada, associates Yevgen Kravtsov and Iryna Scherbyna headed by senior partner Armen Khachaturyan.
Summarizing the transaction, Armen Khachaturyan says: "We are happy to assist Swedbank in this very special transaction, which is at the moment the only sale of such large performing loan portfolio in Ukraine. At the transaction structuring stage it was extremely important to find precise legal solutions and assure smooth transfer of the operating portfolio to the purchaser. As a result, the deal fully satisfied all expectations. For us it was an invaluable experience enhancing the firm's banking and finance practice."