Global law firm Norton Rose Fulbright has advised German financial services group Wüstenrot & Württembergische AG (W&W) on the sale of its Czech home loan and savings association (Wüstenrot stavební sporitelna, a.s.) and Czech mortgage bank (Wüstenrot hypotecní banka) to Moneta Money Bank, a Czech Republic-based retail and expanding small and medium enterprises (SME) bank. The two Czech subsidiaries of W&W will be transferred to the new owner in 2020.
The divested subsidiaries have approximately 400,000 customers with 300 employees in the office and 700 consultants in the field. Besides home loan and savings products, the Prague based companies’ portfolio comprises bridge loans and mortgage loans. According to International Financial Reporting Standards, the balance sheet total of the Czech subsidiaries amounts to the equivalent of just under EUR 3 billion.
Having been active on the Czech home loan and savings and banking market since the 1990s, W&W Group now withdraws from the market. Already in 2015, W&W sold its Czech property and life insurance business. Norton Rose Fulbright regularly advises W&W and assisted the Group amongst others in the sale of the Czech insurance business.
The Munich-based Norton Rose Fulbright corporate insurance team was led by partner Eva-Maria Barbosa and included partner Andreas Börner and associate Daniel Peppersack. Counsels Frank Bayer and Tim Schaper advised on tax and antitrust matters respectively.
The in-house legal team at W&W included Thilo Grutschnig and Dr Margret Obladen.