Romanian state-owned lender EximBank announced in a brief press release on Thursday, January 23, that it has completed the acquisition of Banca Romaneasca, the local subsidiary of the National Bank of Greece (NBG).

With the acquisition, EximBank enters the retail banking segment and turns into a universal bank.

The combined bank will feature among the top 10 banks in Romania with the market share of approximately 3%, according to EximBank’s press release.

“Banca Romaneasca’s market share, great management team, good solvency and liquidity positions fit very well and complement our existing capabilities. I look forward to building on the combined strengths of both institutions during the upcoming integration process which will create a universal bank capable of better serving our country,” said EximBank CEO Traian Halalai.

J.P. Morgan Securities acted as sole financial advisor to EximBank in this transaction. EximBank was also assisted by PwC, and law firms Linklaters and Bulboaca & Associates.

The press release doesn’t mention the value of the deal or the financing sources. Ziarul Financiar estimated the total value of the transaction at over EUR 250 million, including the price of the shares and the loans repaid to NBG.

The deal was endorsed by the former Social Democrat (PSD) Government in February 2019, signed with NBG in June, and approved by Romania’s National Bank (BNR) in December. However, the new finance minister, Florin Citu, suggested that he would analyze the deal and make a decision about it in January. Citu opposed this takeover while his party - PNL was in the opposition.

editor@romania-insider.com

(Photo source: Eximbank.ro)