BUCHAREST (Romania), April 28 (SeeNews) – Romania's competition authority said it has approved the proposed takeover of Credit Agricole Romania by Vista Bank Romania.
"Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the antitrust body said in a statement on Tuesday.
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French banking group Credit Agricole signed an agreement to sell its Romanian subsidiary to Vista Bank Romania on January 4. The transaction is expected to be completed in the first part of the year subject to approval from Romania's national bank and the competition authority, Credit Agricole said at the time.
The value of the deal was not disclosed.
Credit Agricole Romania was established in 2010, following the acquisition of Emporiki Bank, including its regional subsidiaries, by Credit Agricole, the third largest banking group in Europe by assets in 2019. The bank provides a broad range of products and services and its main focus is on the SMEs active in the agribusiness segments.
Formerly known as Marfin Bank, Vista Bank Romania was rebranded in May 2019. The bank was acquired by Greek business conglomerate Vardinogiannis Group in July 2018 from Greek group Marfin Investment.
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