March 30 (SeeNews) - Banca Comerciala Romana (BCR), part of Austria’s Erste Group, said on Thursday that it has reached an agreement to sell its subsidiary in Moldova to local peer Victoriabank.
The value of the deal was not disclosed.
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The completion of the transaction is expected to take place in the second half of the year, BCR said in a press release.
Until all approvals are received, BCR Chisinau and Victoriabank will operate independently, after which BCR Chisinau will be integrated into Victoriabank's network.
"For BCR, this decision is part of our strategy to focus exclusively on our business development in Romania, while for all stakeholders - colleagues, customers, and partners - the acquisition of BCR Chisinau by Victoriabank marks the opening of a new ecosystem of partnerships and business synergies," Sergiu Manea, CEO of BCR and chairman of the supervisory board of BCR Chisinau, was quoted as saying.
The transaction needs to be approved by the two countries' national banks, the European Central Bank, the Moldovan anti-trust body, and the National Commission for Financial Markets.
BCR Chisinau holds a client base of more than 13,000, employs 110, and has four branches - two in the capital Chisinau, one in Cahul, and one in Balti.
Victoriabank is Moldova's third largest banks by assets. Established in 1989, it has a portfolio of more than 70 offices across the country, almost 300,000 active clients, and employs 1,100 people. The main stakeholders in Victoriabank are Banca Transilvania and the European Bank for Reconstruction and Development (EBRD).
BCR Group comprises lenders Banca Comerciala Romana and BCR Banca pentru Locuinte, BCR Pensii, BCR Leasing IFN and BCR Chisinau.
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