US investment fund JC Flowers has already submitted a bid to take over local lender Banca Comerciala Carpatica. The fund is currently negotiating with the bank’s representatives.

Investment manager Axxess Capital left the race, according to mergers & acquisitions journal Mirsanu.ro. It tried to take over the bank through the lender Nextebank, but the Carpatica’s shareholders declined the offer.

“At this moment, our focus is on the capital restructuring, the capital increase, and JC Flowers,” said Johan Gabriels, Carpatica’s general manager.

Banca Carpatica is one of Romania’s smaller banks. It had assets of some EUR 730 million and losses of EUR 38 million in 2014. The bank’s biggest shareholder is Romanian businessman Ilie Carabulea, who holds about 45% of its shares. Carabulea had his voting rights suspended by Romania’s National Bank in 2014, due to bad reputation, following a second conviction.

editor@romania-insider.com