Greek bank Piraeus recently sold the ATE Bank Romania subsidiary to a group of Romanian investors, in a deal worth some EUR 10 million, according to Mediafax, quoting local sources. The local buyers have taken over the bank's authorization, its infrastructure and social capital, but its balance sheet – loans, deposits, will be taken over by the Piraeus subsidiary in Romania. The names of the buyers were not yet revealed. Piraeus had bought ATE Bank Romania mid last year.

According to Mediafax, the new bank will be led by former Raiffeisen Bank first VP Marinel Burduja, who also led the negotiations for takeover. Burduja was also recently named in the board of Leumi Bank Romania.

ATE Bank was created in 1990, being the first bank with mixed local – foreign capital in Romania. It was then called Banca pentru Mica Industrie şi Libera Iniţiativă – translated as the bank for Small Industry and Free Initiative. In 2006, Agricultural Bank of Greece (ATE Bank Greece) took over the majority share package and re-branded it.

editor@romania-insider.com