TGS Baltic advised Šiaulių Bankas throughout the process, including assistance in tender procedures, review and negotiation of transaction documents, due diligence, as well as continues to assist in preparation for the migration and closing.
Šiaulių Bankas increased its activity in the mortgage segment last year - new automated processes were implemented and the team of employees was strengthened, therefore this transaction is a consistent step with the Bank’s plan to become an active participant in the mortgage market. This transaction will give Šiaulių bankas additional momentum in the housing financing market - the takeover will multiply the current mortgage portfolio by more than double.
The transaction stands out for its unusual legal structure, as the whole loan portfolio is agreed to be transferred as a property complex – a sophisticated procedure for transfer of assets that is used particularly rarely due to complex procedural obstacles.
The TGS Baltic team involved in this transaction consisted of executive partner Marius Matonis, partners Dalia Tamašauskaitė-Žilienė, Žygimantas Stankevičius, senior associate Indrė Vickaitė-Liatukė and associate Paulius Dabulskis.