SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

Intesa Sanpaolo to take over Romania's First Bank

Oct 31, 2023, 3:16:27 PMArticle by Razvan Timpescu
share
October 31 (SeeNews) - Italy's Intesa Sanpaolo said on Monday that it will acquire 99.98% of the shares of Romanian lender First Bank from U.S. private equity fund J.C. Flowers.

Intesa Sanpaolo to take over Romania's First Bank

The transaction, which is expected to close by the first quarter of 2024, will double Intesa Sanpaolo's presence in Romania, the company said in a press release.

The deal comes just days after UniCredit Romania, part of Italy's UniCredit, announced plans to merge with Alpha Bank Romania, a subsidiary of Greece's Alpha Bank, which will retain a 9.9% stake in the merged entity.

The deal marks the exit of the American investment fund from Romania and is now pending approvals from the central bank of Romania, BNR, the European Central Bank, and the Competition Council, law firm Clifford Chance Badea, which advised J.C. Flowers, said in a separate press release on Tuesday.

Intesa Sanpaolo, which has been present in Romania since 1996, serves some 60,000 customers in the country through 34 branches and owns total assets of 1.5 billion euro ($1.59 billion).

First Bank was established in Romania in 1995 as Pater Bank. Subsequently, the lender was acquired and renamed by Greece's Piraeus Bank in 2000 and bought by J.C. Flowers in 2018. In 2019, First Bank took over Leumi Bank Romania. The lender owns 40 branches in Romania and has total assets of 1.5 billion euro. It is focused on serving SMEs and retail customers.

($=0.940996 euro)

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.