July 19 (SeeNews) - Greek business conglomerate Vardinogiannis Group said on Thursday it has finalized the acqusition of Marfin Bank in Romania.
The deal was closed after Vardinogiannis received approval from Romania's central bank for the takeover, the group said in a press release.
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Through the acquisition, Vardinogiannnis aims to further consolidate its presence on the Romanian financial market. In 2017, the group acquired Marfin Leasing as part of its investment strategy in Romania.
"Vardinogiannis Group has strong financial power and extensive international business expertise. We believe in the local market’s potential, and we are determined to develop our presence in a sustainable manner in the years to come and generate added value to the local business community”, the representative of Vardinogiannis Group in Romania, Georgios Taniskidis, said.
Marfin Bank is part of Greek group Marfin Investment. In Romania, Marfin Bank has 30 branches and a total asset volume of approximately 2 billion lei ($500 million/430 million euro). In 2017, the bank registered a net profit of 5.7 million lei.
Vardinogiannis Group is an European business conglomerate, with international operations in several industries, such as energy (oil refineries, filling station chains, natural gas and electricity), shipping and media.
($=4.6541 euro)
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