The rebranding started as soon as 2008, when Greek-held Egnatia was acquired by Cyprus-based Marfin, and the local bank and leasing company took the name of the new owner.
In 2010, MKB Romexterra, a Hungarian-held lender at the time, changed its name to Nextebank, in a dramatic restructuring process the bank underwent in order to streamline operations and clean up its loan portfolio, affected by non-performing loans. The restructuring and rebranding process was part of the Hungarian owner’s strategy to withdraw from the Romanian market, with the bank sold to private equity fund Axxess Capital last year, after a failed sale attempt in 2012.
Greek-held Emporiki changed its name to Credit Agricole in 2012. French Credit Agricole group was a shareholder of Emporiki Greece, and when Greece’s sovereign debt crisis worsened, the Athens-based bank was sold and the French acquired direct control of the local subsidiaries.
Another Greek brand that disappeared in Romania during the crisis was ATE Bank. Piraeus took over part of its portfolio, and businessman Dorinel Umbrarescu took over the license and a number of branches along with part of the loans and deposits. The lender has been operating as Banca Romana de Credite si Investitii (Romanian Loan and Investment Bank – BRCI) since 2014.
Last on the bank rebranding list is Romanian International Bank (RIB), acquired by Poland’s Getin Holding at the end of 2013. The bank changed its name to Idea Bank this month, a brand the Polish owner uses on all the markets in the region it operates on. Getin also acquired VB Leasing last year, which it turned into Idea Leasing this March.
The insurance sector saw two major life insurers rebrand in the past year. The two changed their names in 2014 and 2015.
Alico, the second leading life insurer became Metropolitan Life, following integration of local subsidiary of Aviva. Alico had previously rebranded from AIG Life in 2010. The name change of the life insurer was because the US group wanted to distance itself from the negative image caused by the bailout the AIG group received from the US government at the beginning of the crisis.
ING Asigurari became NN Asigurari this year after a global separation of the insurance and banking divisions. The insurance division went public. The ING group had to take this step after having been given state aid to survive during the crisis.
(English version by Loredana Fratila-Cristescu)