Italian group Intesa is getting closer to reaching an agreement with the American investment fund JC Flowers for the acquisition of First Bank - a transaction that, if completed, would bring Intesa into the top ten on the Romanian banking market.

According to some banking sources quoted by Ziarul Financiar, the negotiations lead to an agreement between the two parties.

The transaction is estimated to be between EUR 120 million and EUR 150 million. The other contender for First Bank was Vista Bank.

JC Flowers wants to sell First Bank as quickly as possible because the Romanian banking market is not as profitable as expected, and the growth was not so fast.

iulian@romania-insider.com

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