A consortium of investors backed by PineBridge Investments signed an agreement to buy Romanian bank MKB Romexterra Bank. The investment fund plans to buy other medium-sized banks in the region. Terms of the transaction were not disclosed, and it is subject to the approvals of the National Bank of Romania and the Competition Office of Romania.

“The objective is to create a successful, market-leading banking group in South East Europe through the acquisition and consolidation of medium-sized banks in the region. As most of the banks in Romania have drastically reduced their lending, we believe that extending credit to a selected group of small and mid-size business can be a successful proposition,” said Pierre Mellinger, head of Central and Eastern Europe Private Equity at PineBridge Investments.

MKB Romexterra Bank, established in 1993, has 47 branches and more than 600 employees. The bank re-branded under MKB Nextebank.

PineBridge Investments manages USD 67.3 billion in assets.

-to be updated-

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