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Romania's Patria Bank buys loan portfolio from Alior Bank's branch

Jun 21, 2024, 6:23:01 PMArticle by Alexandru Cristea
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June 21 (SeeNews) - Romania's Patria Bank [BSE:PBK] said on Friday that it signed a deal for the assignment of a loan portfolio worth 97 million lei ($20.8 million/19.5 million euro) from the local unit of Poland's Alior Bank.

Romania's Patria Bank buys loan portfolio from Alior Bank's branch
Patria Bank

The portfolio includes around 4,000 retail clients and comprises leu-denominated, performing unsecured consumer loans, Patria Bank said in a press release. The transaction, which is expected to be closed in September, will allow Patria Bank to increase its portfolio of consumer loans and number of retail clients.

"This acquisition represents an important step in Patria Bank's development plans and, together with the Bank's organic growth, contributes to strengthening its profitability. The transaction offers an opportunity to develop and diversify the Bank's activity together with the new clients," said Valentin Vancea, general manager of Patria Bank.

“Alior Bank has made a strategic decision to sell its cash loan portfolio in Romania. We have been preparing for this transaction for a long time," said Anca Andrei, general manager of Alior Bank Bucharest Branch.

Alior Bank launched operations in 2008. It is listed on the Warsaw Stock Exchange and ranked eighth in terms of assets in the Polish banking sector at the end of 2023, as per the press release.

Patria Bank Romania is owned by Patria Bank Group, majority owned by Emerging Europe Accession Fund (EEAF), a private equity fund. The main investors in EEAF are the European Bank for Reconstruction and Development, the European Investment Fund and other major European institutions.

In the first three months of 2024, Patria Bank Romania booked a consolidated net profit of 10.5 million lei, up from 5.4 million lei in the prior-year period, it said in a quarterly financial report filed with the Bucharest Stock Exchange last month.

Patria Bank's shares traded flat at 0.084 lei as at 1451 CET on Friday on the Bucharest bourse.

(1 euro=4.9771 lei)

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