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BUCHAREST (Romania), April 30 (SeeNews) - Romania's UniCredit Tiriac Bank and UniCredit Consumer Financing IFN have agreed the acquisition of the retail and royal preferred banking business of the Royal Bank of Scotland (RBS) Romania, UniCredit Tiriac Bank said on Tuesday.
RBS Romania's retail business represents around 315 million euro ($412.2 million) in assets and 230 million euro in liabilities, UniCredit Tiriac Bank said in a statement.
The transaction, expected to be completed in the second half of the year, is still pending approval from Romania's central bank, BNR, and the competition council. The financial terms of the deal will not be disclosed.
"Retail represents a core business for our bank and this acquisition perfectly fits our development strategy in the medium- and long-term[..]” said Rasvan Radu, UniCredit Tiriac Bank CEO and country chairman of UniCredit in Romania.
RBS Romania will remain focused on its premium international and large corporate and institutional clients, offering products in Transaction Services and Global Markets, the statement added, quoting RBS Romania CEO Henk Paardekooper as saying.
UniCredit Tiriac Bank and UniCredit Consumer Financing IFN are part of the Italian banking group UniCredit.
($ = 0.7642 euro)