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Intesa Sanpaolo closes purchase of Romania's First Bank

May 31, 2024, 3:31:50 PMArticle by Alexandru Cristea
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May 31 (SeeNews) - Italian banking group Intesa Sanpaolo said on Friday that it has completed the acquisition of 99.98% of the shares of Romania's First Bank from U.S. private equity fund J.C. Flowers.

Intesa Sanpaolo closes purchase of Romania's First Bank

The transaction has doubled Intesa Sanpaolo's presence in Romania, bringing it among the top ten banks in the country, with total assets of 3.2 billion euro ($3.47 billion), the Italian group said in a press release. Intesa Sanpaolo Bank Romania and First Bank serve a total of 143,000 clients and employ 1,500 staff.

The value of the deal was not disclosed.

"Strengthening our presence in Romania will stimulate Italian and foreign investments in this country, it will intensify commercial exchanges and will support the internationalization of SMEs," Intesa Sanpaolo head of international subsidiary banks division Marco Elio Rottigni said.

Present in Romania since 1996, Intesa announced its intention to acquire First Bank in October 2023.

($=0.9223 euro)

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