Romania’s competition body Consiliul Concurentei cleared the transaction by which Intesa Sanpaolo SpA intends to take over the Romanian bank First Bank from the US fund J.C. Flowers, according to a press release from the authority.

Intesa Group is active in Romania through its subsidiary, Banca Comercială Intesa Sanpaolo Romania.

Upon the takeover, Intesa will make it to the top ten in the Romanian banking market.

The transaction is estimated to be between EUR 120mn and EUR 150mn.

The other contender for First Bank was Vista Bank. J.C. Flowers wanted 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.

(Photo: Lenutaidi | Dreamstime.com)

iulian@romania-insider.com