Taylor Wessing provided legal advice to VakifBank International AG, a subsidiary of one of the largest Turkish banks with branches and representative offices in Austria, Germany and Hungary, on the implementation of a Core Banking System (CBS).
The client was advised by a team led by Taylor Wessing Vienna Partner Andreas Schütz (IP/IT). Further members of the advisory team included Counsel Carmen Redmann-Wippel (Banking & finance/regulatory) and Associate Tereza Gründvaldska (IP/IT). Andreas Schütz comments on the scope of advice: “The bank opted for a strategic changeover to a CBS, a software that will support the bank's core processes and frequent transactions. We reviewed the relevant contracts for Austria and Hungary, provided the bank with strategic support and accompanied the preparations for any negotiations with providers/parties involved.”
Tuğçe Yalçın, Head of the Taylor Wessing CEE Turkish Desk, under which the mandate was won, acted as the Client Relationship Partner: “The mandate exemplifies our expertise and is a good example of how our CEE Turkish Desk, which is dedicated to supporting Turkish companies based in CEE, other European countries, and beyond, or those looking to expand in these regions, has been operating very successful. We are very pleased with this primary collaboration with such a renowned Turkish bank and that VakifBank is utilising our Turkish Desk's Service."
VakifBank was founded in Turkey in 1954 and, with its more than 900 branches and its subsidiary VakifBank International AG, is the second largest state-owned Turkish bank.
