October 1 (SeeNews) - The transaction in which Romanian lenders BRD Groupe Societe Generale [BSE:BRD], Raiffeisen Bank and Banca Comerciala Romana (BCR) split the ownership of integrated cash management services provider CIT One among themselves has been completed, the banks said on Thursday.
Following the deal, each of the three banks holds a stake of 33.3% in CIT One, they said in a joint press release.
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Prior to the transaction, CIT One was fully owned by BCR.
Through this deal, the three banks aim to optimize, develop and streamline transportation and cash processing, the banks said. In the short and medium term, the three lenders plan to accelerate the development of CIT One's activity.
The anti-trust body conditionally approved the deal in September, as it found that the transaction could impact competition on the cash management services market. As a result, BRD, BCR and Raiffeisen Bank committed to implement a set of measures to ensure compliance with competition rules regarding their interaction with CIT One as shareholders and customers. The three banks also pledged that CIT One's pricing policy should be based on fair and non-discriminatory principles.
Founded in 2009 as BCR Procesare, CIT One provides transportation of cash and other valuables in armored vehicles, cash processing and technical assistance services for ATMs.
BCR is part of Austria's Erste Group, which provides a full range of financial-banking services for individuals and legal entities.
BRD is a joint-stock company, part of the Société Générale BRD group, which provides financial-banking services, being active both on the credit market for individuals and companies. With over 2.2 million customers, BRD operates a network of 625 units, 30,000 POS and over 1,500 ATMs in Romania. BRD's shares traded 0.31% lower at 12.96 lei ($3.1/2.6 euro) on Thursday on the Bucharest Stock Exchange at 1218 CET.
Raiffeisen Bank is part of Austrian financial group Raiffeisen Bank International AG, and provides a complete range of products and services to private individuals, SMEs and large corporations. Raiffeisen Romania has 350 units across the country and operates a network of 770 ATMs.
(1 euro=4.8721 lei)
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