about us | newsletter | contact | archive | members area
Tibor Pandi, Citi Romania
"The Government crowds out the employment market"»

OTP Bank Romania to take over Banca Romaneasca from National Bank of Greece

The National Bank of Greece signed an agreement with OTP Bank Romania on the sale of its equity holding of 99.28 per cent in Banca Romaneasca. The transaction involves the shares in Banca Romaneasca (BROM) held by the National Bank of Greece (NBG - a commercial entity), as well as the purchase of additional exposures in Romania belonging to other subsidiaries of NBG.

2017-07-27 11:29:44

The officials from National Bank of Greece and OTP Bank Romania signed the agreement on the sales of Banca Romaneasca. The completion of the transaction is subject to approval by the supervisory authorities.

As a result of the completion of the acquisition, the market share of OTP Bank Romania (OBR) will rise roughly to four per cent, thereby becoming the 8th largest actor in the Romanian banking market (based on figures from 2016). Societe Generale Corporate & Investment Banking acted as Sole Financial Advisor to OTP Group in relation to the transaction.

Laszlo Wolf, Deputy CEO of OTP Bank's Commercial Banking Division, said: "This transaction is a huge step towards achieving OTP Group's strategic goals. Our acquisition strategy primarily focuses on markets with good growth prospects, and where it considers it realistic to reach an optimal market size and capitalise on cost synergies. This agreement is an important milestone in the development of OTP Bank Romania. We work with my colleagues to ensure that the merger has a positive outcome for the customers of both banks."

Based on its balance sheet total at end of 2016, Banca Romaneasca is the 14th largest bank of Romania with a market share of roughly 1.62 per cent, being active both in the retail and the corporate segments as a universal bank.

OTP Bank Romania is the subsidiary of OTP Bank, at the same time being the member of the largest Central and Eastern European banking group - a financial service provider operating from integrated and own funds. Its presence in Romania dates back to 2004. At present, it is the eleventh largest bank in the country.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  1730 Views
Daily Info
Superbet bonds start trading on Bucharest Stock Exchange

Corporate bonds of Superbet Betting & Gaming S.A., one of the most important gambling operators in Romania, have started trading on the Alternative Trading System managed by B...

Michele Abbate was appointed as new CEO of Enel Energy and Enel Energy Muntenia

Michele Abbate is the new CEO of Enel Energy and Enel Energy Muntenia, the two companies owned by the Enel group in Romania.

CTP invests 15 million Euro in a new logistics park near Cluj-Napoca

The industrial parks developer CTP invests 15 million Euro in the development of a new logistics park near Cluj-Napoca. CTPark Cluj II will be located in Floresti and will hav...

AFI Europe to develop AFI Brasov by 2019, its third shopping mall in Romania

AFI Europe sets the cornerstone of AFI Brasov, the company's third shopping mall in Romania and announces the advancement of construction works.

Bog'Art to build IKEA's second store in Bucharest

IKEA has announced that Bog'Art will build its new store from Theodor Pallady area in Bucharest. The second store in Bucharest will be opened next year, following an investmen...

 
 
   
advertising

advertising

advertising

advertising

advertising

More on