AnaCap is not at its first attempt to enter the Romanian market, as it has previously tried to take over various credit institutions, among which, local lender Banca Carpatica. However, the bank’s majority stockholder Ilie Carabulea did not find AnaCap’s offer very convincing and rejected its offer.
Established in 2005, AnaCap (Analytical Capital) is a specialist private equity firm focused on investing in the European financial services sector. AnaCap advises EUR1.7 billion of funds across private equity and credit opportunities strategies as well as co-invest. AnaCap’s funds have attracted a global investor base including highly regarded institutions such as Adams Street Partners, Goldman Sachs, Honeywell and Allianz, according to information on its website.
Last week, Marfin Bank Romania took over deposits of EUR77 million and gross assets of EUR82 million from the Romanian unit of Bank of Cyprus. The transaction was the only solution accepted by the Cypriot central bank to transfer deposits under the Romanian banking law, in order to avoid cuts agreed upon with the international financial institution, as part of the international bailout program. Following the move, Marfin Bank Romania benefited from a EUR20 million cash injection from Cyprus.
Had the deal failed, the deposits in Bank of Cyprus Romania would have fallen under the provisions of the latest Cypriot laws that aim to restructure the country’s ailing banking system, which could have seen Bank of Cyprus clients lose up to 60% on deposits exceeding EUR100,000.
Bank of Cyprus suspended operations in Romania on April 1 with a view to negotiate a possible sale of its local subsidiary, after the Cypriot authorities agreed to restructure the country’s banking system as part of a EUR10 billion international agreement.
Marfin Bank operates 33 units in Romania and employs 340 staff.
End-2012, Marfin Bank had total loans worth 1.6 billion lei (EUR367 million), while overall deposits were a little under RON1 billion. Marfin Bank’s solvency ratio was 12% at the end of December.