EximBank paid nearly EUR60 milion for Banca Romaneasca, while the capital acquired stood at some EUR130 million. Besides the price paid, the deal also included the repayment of the subordinated loan National Bank of Greece granted to Banca Romaneasca (EUR65 million) and the repayment by Banca Romaneasca, of the EUR90 million intra-group received from the parent bank. There was no funding from the government for the deal.
“(…) This is an extremely important moment for both EximBank, which becomes a top Romanian universal bank by adding products for individual customers, as well as for the local banking system through an increase in the presence of Romanian capital on the financial-banking market, especially in the current context,” said EximBank CEO Traian Halalai.
EximBank was assisted by Pricewaterhouse Coopers Management Consultants SRL throughout the merger process.
The bank created by the merger will have RON21.5 billion assets, which will make it the eighth largest lender in Romania, and RON1.6 billion capital.
Independent of its universal bank business, EximBank will continue to operate on the segment of governmental guarantees and insurance, as mandated by the Romanian government.
(English version by Loredana Fratila-Cristescu)