14 July 2010

Freshfields advises SEB on €555m sale of German retail banking business to Santander

International law firm Freshfields Bruckhaus Deringer has advised North European financial group SEB on an agreement to sell its retail banking business in Germany to Banco Santander for €555m.

The transaction encompasses all 173 branches, 1m private customers and 2,000 employees. It will enable SEB to concentrate on its core areas of competitive advantage in Germany and deliver long-term financial benefits.

Partner Matthias-Gabriel Kremer said: ‘This complex transaction demanded a team with the ability to navigate the challenges posed by selling part of a banking business. We drew on our range of expertise in corporate, IT, tax, finance and employment, pensions and benefits to advise long-standing client SEB on this landmark deal.’

Freshfields partners Matthias-Gabriel Kremer (corporate), Torsten Schreier (intellectual property / information technology), Wilfried Schaefer (tax), Jochen Leßmann (employment, pensions and benefits), Alexander Glos (finance), Markus Fisseler (real estate) and Thomas Lübbig (antitrust) and counsel Holger Dietrich (tax) advised on the deal.

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