KPMG's multidisciplinary international team assisted Creditas Bank in the acquisition of MeDirect, a digital bank operating in Belgium and Malta.
Transaction advisory services were provided by Igor Mesenský and Petr Slabý, while Josef Sklenář provided financial modelling and financial due diligence (DD). Banking regulation advisory services were delivered by Lukáš Bajgar and Naďa Waldeckerová. Legal DD, disclosures and regulatory approvals were handled by an international team of lawyers led by Jan Procházka and with the participation of Pavla Křečková. Tax DD was handled by Ladislav Malůšek, Miloslav Zeman and Iveta Košťálová, and IT DD by Leoš Černý, David Scott, Jan Rybář and Lubomír Bartuška.
"We first assisted Creditas Bank three years ago when it acquired the Czech-based Expobank. We are honoured that it has chosen us again for its expansion into Western Europe," says Igor Mesenský, KPMG’s partner in charge of mergers and acquisitions.
"Banking transactions are among the most complex. In addition, this was a project that required the coordination of legal teams from several countries and the resolution of many issues in the area of financial regulation," adds KPMG Legal Partner Jan Procházka.
"Assessing potential tax risks connected with acquisitions of foreign banks is usually more complex than when purchasing domestic manufacturing companies," concludes KPMG Partner Ladislav Malůšek, who coordinated the tax due diligence, including consideration of tax aspects in the purchase agreement and in discussions with the insurance company.
Profiles of the parties to the transaction
Creditas Bank commenced its operations in 2017. It currently has approximately 250,000 clients and total assets of around CZK 200 billion. It belongs to the Creditas group, which also operates in the energy and real estate sectors and is now active in six EU member states.
MeDirect Bank is a pan-European digital bank with more than 155,000 clients and total assets approaching EUR 6 billion. It focuses on retail banking and investment products.
