Local lender Piraeus Bank Romania will change its name into First Bank. The rebranding process will begin at the end of this year and will continue in 2019, local Profit.ro reported.

“The bank's business will run normally. All the contractual agreements between the bank and its customers remain active and will not be affected by the adoption of the new brand identity. The bank will announce all the customers when the transition to the new brand will be completed,” Piraeus Bank announced.

US investment fund J.C. Flowers completed the takeover of Piraeus Bank Romania at the end of June this year. The bank is a medium-sized lender. Last year, it had assets of RON 6.4 billion (EUR 1.38 billion) and a market share of about 1.5%, ranking 13 among local lenders.

Romanian bank will change name after takeover

Irina Marica, irina.marica@romania-insider.com