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Kinstellar advises Baiterek National Managing Holding JSC on the sale of Bereke Bank, in Kazakhstan
Kinstellar has advised Baiterek National Managing Holding JSC on the KZT 65 billion (approx. US$135 million) sale of Bereke Bank JSC to Lesha Bank LLC, the first independent Shari'a-compliant Bank authorized by the Qatar Financial Center Regulatory Authority (QFCRA), and a listed entity on the Qatar Stock Exchange (QSE: QFBQ). This significant transaction aligns with the President Kassym-Jomart Tokayev’s drive for foreign investment in Kazakhstan's financial sector. Our involvement highlights our ability to navigate complex legal frameworks, particularly when dealing with government entities. This deal continues to demonstrate Kinstellar’s strong M&A capabilities on transactions involving Kazakhstan and English
Kinstellar advises Banque Fédérative du Crédit Mutuel S.A. on the acquisition of Magyar Cetelem Bank, Hungary
Kinstellar has successfully advised Banque Fédérative du Crédit Mutuel S.A. (owner of Cofidis Bank) on the acquisition of BNP Paribas’s Hungarian subsidiary, Magyar Cetelem Bank. This transaction exemplifies the seamless and efficient teamwork across service lines at Kinstellar's Budapest office. Kinstellar provided comprehensive assistance to Cofidis Bank throughout the entire transaction process, which included extensive corporate support, banking regulatory approvals, merger clearance, competition law considerations, and the closing of the transaction. It was an exceptionally complex deal, characterized by prolonged and detailed negotiations. The Kinstellar team in Budapest was led by Gábor Gelencsér
Hugh Owen, a top M&A lawyer in Central and South Eastern Europe, joins Kinstellar as Partner
Kinstellar is very pleased to announce that Hugh Owen joins the Firm as a Partner, effective 1 October 2024. Hugh is a very well-known leading M&A lawyer in the Central and South Eastern European region with an impressive track record. He spent over 23 years at Allen & Overy, including 13 years as a partner. He then ran his own law firm and M&A training business for four years as a sole practitioner, closing over 20 deals with a combined value of over EUR 2.5 billion. For two years from July 2022 to June 2024 he served as Head of Legal Business Solutions for PwC CEE, responsible for the strategy for Legal in over 25 jurisdictions, including Eurasia, core CEE countries, the Baltics, Ukraine and South-Eastern
Romania to introduce stricter compliance rules for crypto-asset service providers
Romania’s National Office for the Prevention and Control of Money Laundering has recently published a draft of an Emergency Ordinance amending and supplementing Law no. 129/2019 on the prevention and control of money laundering and terrorist financing (the Emergency Ordinance) in order to harmonise domestic legislation with the provisions of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (the Fifth AML Directive), as amended by Regulation (EU) 2023/113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets
Kinstellar advises Nova Ljubljanska Banka on successful completion of Summit Leasing Slovenia acquisition
Kinstellar is proud to have successfully advised Nova Ljubljanska Banka, Slovenia’s largest banking group, on completing the acquisition of 100% of SLS HOLDCO, the parent company of Summit Leasing Slovenija, and its subsidiaries, including Croatian Mobil Leasing. After receiving all required regulatory and anti-trust approvals, NLB became the sole shareholder. The Kinstellar team, led by Partner Edmund Emre Özer and supported by Associate Bianka Kovacs, collaborated closely with Kavcic, Bracun & Partners in Slovenia on the transaction.
The new EU AML framework and its far-reaching implications
The Council of the European Union has recently adopted a new set of Anti-Money Laundering (AML) rules, nearly three years after the European Commission unveiled its package of legislative proposals. The legislative package introduces significant changes to the EU’s AML and Countering the Financing of Terrorism (CFT) landscape, including: A more detailed and synchronised approach as to implementing parts of the AML/CFT regulations such as in respect of client due diligence, internal policies and identification of beneficial owners; A requirement for each obliged entity to have a compliance manager (member of the management body/senior management); Extending the list of obliged entities to include (amongst
Navigating the Regulatory Landscape: An Overview of Banking as a Service
In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money
The National Bank of Ukraine significantly eases the temporary currency restrictions
The National Bank of Ukraine (NBU) significantly eases the temporary currency restrictions imposed under martial law and, among other things, simplifies the terms of servicing residents' external borrowings and allows a number of cross-border transfers that are essential for Ukrainian businesses. Click on the following links to read the overview in English, or in Ukrainian. Download in English: Download in Ukrainian:
Kinstellar advises Halyk Bank on the sale of its subsidiary in Kyrgyzstan
Kinstellar's Kazakhstan office has successfully advised Halyk Bank, a leading financial services group, on the sale of its subsidiary in Kyrgyzstan, to a consortium of buyers within the investment group Visor International DMCC. The financial details of the transaction are undisclosed. Originally established as Kyrgyz Kairat Bank, the subsidiary was acquired by Halyk Bank in 2004 through a bidding process. This transaction follows the previous divestment of assets of Halyk Bank of Kazakhstan, including the recent sale of its Tajik and Russian subsidiaries. The Kinstellar team was led by Partner Adlet Yerkinbayev, and Counsel Kuanysh Shekerbekov.
Kinstellar announces new promotions to Counsel
February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic), Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role
A year in review: A brief analysis of the Serbian banking sector in 2023
As of the close of 2022, Serbia's banking sector faced challenges amid global economic conditions. The year 2023 brought its distinct set of obstacles, with a noteworthy slowdown in global inflation compared to the last quarter of 2022. However, the undeniable focal point is the war in Ukraine, triggering a faster inflationary spiral due to increased energy and food prices. Key mergers and acquisitions In 2020, Komercijalna Banka, the largest state-owned Serbian bank, was acquired by Slovenian NLB Banka, leading to the merger of NLB Banka and Komercijalna Banka into NLB Komercijalna Banka. Vojvodjanska Banka was acquired by Hungarian OTP Bank, followed by OTP Bank's acquisition of Societe Generale Bank. In 2021
Kinstellar advises Nova Ljubljanska Banka, d.d. (NLB) on the acquisition of Summit Leasing Slovenia
Kinstellar has successfully advised Slovenia's largest banking group, Nova Ljubljanska Banka, d.d. Ljubljana ("NLB"), on the acquisition of 100% shareholding in SLS Holdco, the parent company of Summit Leasing, a leading provider of car financing in Slovenia, and its subsidiaries, from funds managed by affiliates of Apollo Global Management and the European Bank for Reconstruction and Development (EBRD). Completion of the transaction is subject to regulatory and anti-trust approvals and is planned for the second half of 2024. The acquisition would make NLB the first and only financial institution in the region to cover all leasing markets of the former Yugoslavia. Summit Leasing has a vast network