According to the announcement, the Bucharest Court of Appeals rejected the case regarding the merger between the two banks, without analysing the arguments motivating the appeal, due to procedural issues within which the banks tried to optimize the court terms in order to obtain the legal approval of the merger as soon as possible.
“The two banks will continue the legal procedural stages in order to finalize this last stage and to implement the merger as soon as possible,” said Daniela Iliescu, member of Banca Carpatica Executive Board.
Patria Bank (formerly known as Nextebank), controlled by investment fund Emerging Europe Accession Fund, became majority shareholder in Banca Carpatica after buying, in two stages, a stake of 64.16% for RON144 million.
The merger between the two banks will be accomplished through the absorption of Patria Bank by Banca Carpatica, and the latter will remain listed on the Bucharest Stock Exchange.