Qualco Group’s Acquisition of 74.9% Stake in Trusset Asset Management Limited

Akin Gump is advising Cypriot Bank AstroBank on the sale of 74.9 percent of its stake in Trusset Asset Management to Qualco Group, a leading independent servicer of non-performing exposures (NPEs), following an international competitive bidding process.

Trusset is a newly formed company for the management of AstroBank’s portfolio of NPEs and real estate owned assets. AstroBank will retain 25.1 percent of Trusset.

The transaction, which is anticipated to improve AstroBank’s capital adequacy ratio by approximately one percent, was signed on December 31, 2019, and is subject to a number of conditions including the approval of the Competition Authority in Cyprus.

The Akin Gump team is led by partner Gavin Weir (Picture) and includes financial partners Sam Brodie , corporate partner Harry Keegan, and corporate associates Rebecca Carwood Barron, Dougall Meston and Akito Watkin, and finance counsel Chris Parrott.

Involved fees earner: Sam Brodie – Akin Gump; Rebecca Carwood Barron – Akin Gump; Harry Keegan – Akin Gump; Dougall Meston – Akin Gump; Chris Parrott – Akin Gump; Akito Watkin – Akin Gump; Gavin Weir – Akin Gump;

Law Firms: Akin Gump;

Clients: AstroBank;