Several Romanian business people will partially take over ATE Bank Romania, recently bought by Piraeus Bank, according to Mediafax newswire, quoting market sources. The Romanian investors will initially place EUR 60 million into the bank and plan to attract more investors in 2013, hoping to increase the bank's capital to EUR 200 million. Negotiations with Piraeus Bank over ATE Bank are advanced, not only for the banking license, but for a part of the bank's assets. The deal should be finalized in a matter of days.

The new bank will be led by Marinel Burduja, former vice-president of Raiffeisen Bank, according to Mediafax.

ATE Bank Romania was set up in 1990 and was the first mixed capital bank in Romania, From 2006, ATE Bank Greece took over the majority share package, and Piraeus bought it mid 2012.

editor@romania-insider.com