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Mayer Brown advises on the first German-Belgian consumer loan securitisation
| News Release - Banking & Finance, Tax Transactions & Consulting, European Union
| 6 January 2008 - Credit Europe Bank N.V. has converted €208 million of German and Belgian consumer loans into asset-backed securities and thus closed the first German-Belgian consumer loan securitisation. Leading international law firm Mayer Brown advised London-based Standard Chartered Bank which acted as arranger during the transaction.
The goal of the securitisation was to create securities eligible for the European Central Bank. In order to safeguard the transfer of the loans which were created partly under German and partly under Belgian law, it was essential to use a special purpose vehicle under Belgian law.
Dr. Ralf Hesdahl, partner at Mayer Brown in Frankfurt said: “This is a significant and pioneering deal as it is the first German-Belgian consumer loan securitisation.”
The Mayer Brown team working on the deal included partners Dr. Ralf Hesdahl (coordination, Banking & Finance), Heiko Penndorf (Tax, both Frankfurt), Astrid Pieron (Brussels) and associates Kirsten Pirzkall (coordinating associate, Banking & Finance, Frankfurt), Charles-Albert Helleputte (Brussels), Petra Fendt, Christiane Grasser, Dr. J.F. Götz Gallenkamp, Tillmann Haas (Banking & Finance, Frankfurt).
For further information:
Charlotte Ward
PR Manager, London
T: +44 20 7782 8547
M: +44 7852 774127
Dr. Ralf Hesdahl
Partner, Frankfurt
T: +49 69 7941 1171
rhesdahl@mayerbrown.com
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