Nextebank is a credit institution held by investment fund Emerging Europe Accession Fund Cooperatief. Both Nextebank and Banca Comericala Carpatica operate on the financial-banking services market.
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End-January 2016, Nextebank said it completed the acquisition of a majority stake of over 54.79% in Banca Comerciala Carpatica after it had bought a stake from several shareholders and subscribed within the share capital hike. It also said it received the approvals from the Romanian central bank BNR and the financial regulator ASF.
Horia Manda, chairman of Nextebank Board of Directors, said at the time that the completion of the acquisition of the majority stake in Banca Comerciala Carpatica by Nextebank marks a very important first step for the growth plans of the two lenders. He added the plan is start a merger process between Banca Carpatica and Nextebank after carrying out all the necessary legal procedures.
Romanian businessman Ilie Carabulea and four other shareholders of Banca Comerciala Carpatica, acting in concert with Carabulea, sold a 20% stake in BCC to Nextebank, for RON23.1 million (EUR5.1 million). Also, Nextebank subscribed shares worth RON98.66 million to Carpatica share capital.
Banca Comerciala Carpatica halved its net loss down to RON85.43 million in 2015, from RON169.5 million a year before, but its assets also saw a decline, falling by 4.7% to nearly RON3.1 billion, according to the preliminary results drafted under IFRS standards. At the end of 2014, Carpatica had assets of RON3.25 billion and its net loss stood at RON169.5 million.
Nextebank’s offer came after private equity fund JC Flowers backed out of the process for the acquisition of Banca Comerciala Carpatica, controlled by businessman Ilie Carabulea, because it had failed to reach an agreement with Piraeus Bank for the acquisition of its Romanian division. The fund was interested in acquiring the two banks altogether.