French group Credit Agricole has signed an agreement to sell its Romanian subsidiary to Vista Bank Romania, owned by Greek investors.

“In line with its strategy, Crédit Agricole announces today the signature of an agreement to sell Crédit Agricole Bank Romania to the Romanian bank Vista Bank Romania. Completion of the transaction, which is subject to clearance from the relevant Romanian authorities (the National Bank of Romania and the Romanian Competition Council), is expected to occur in the first half of 2021,” the French group announced on Monday, January 4.

UniCredit and law firm Clifford Chance Romania assisted Credit Agricole in this transaction.

The French group didn’t disclose the deal value.

Credit Agricole Romania had net assets of RON 2.35 bln (EUR 485 mln) at the end of 2019, accounting for 0.47% of the total assets of local banks.

Vista Bank Romania (former Marfin Bank) had assets of RON 2.58 bln (EUR 530 mln) and a market share of 0.52%.

After this transaction, Vista will increase its assets to over EUR 1 bln and reach a market share of about 1%.

The Greek Verdinogiannis group owns Vista Bank Romania.

(Photo: Teodoroianu/ Dreamstime)

andrei@romania-insider