UniCredit takes over RBS’s corporate portfolio after buying its retail segment

Unicredit Tiriac Bank will take over RBS Romania’s portfolio of corporate clients which includes over 500 companies, assets of EUR 260 million and deposits of EUR 315 million.

“Unicredit Tiriac Bank SA and The Royal Bank of Scotlands, Romanian branch (RBS Romania) signed an agreement for Unicredit Tiriac Bank to handle RBS Romania’s corporate clients from now on”, according to a joint press release from the two companies.

The two banks didn’t give any information regarding the value of the transaction. RBS Romania employees will transfer over to Unicredit Tiriac Bank after consultations with social partners. The two financial institutions are now waiting on the Competition Council to ok the deal.

“After taking over the Retail and Royal Preffered Banking portfolios from RBS Romania last year, complete integration of Corporate clients from the same bank is the right decision, seeing as both institutions share multiple values. Corporate banking is a key-area of activity for us and transferring these new clients is a perfectly compatible step in line with our long term strategy and at the same time it consolidates our position on the market”, according to Rasvan Radu, CEO UniCredit Tiriac Bank.

The two banks guarantee the transfer of all client accounts and products will run smoothly and the clients themselves will be constantly updated on the progress. Contractual obligations for both parties will remain unchanged, as well as technical details for the products and services supplied.

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“The main criteria in selecting the partner who will receive our business, clients and employees is the level of quality they offer, as well as their commitment for the Romanian markets. Our clients are very important to us and we want to assure them that UniCredit Tiriac Bank will continue to build and develop the relationship of trust that we built together. Until the transfer is complete, we maintain our commitment to be at their disposal with the same quality services we have provided for them so far”, according to Henk Paardekooper, CEO RBS Romania.

The Retail and Royal Preferred Banking of RBS Romania were acquired by UniCredit Tiriac Bank and UniCredit Consumer Financing IFN for an undisclosed sum last year in April. The retail business of RBS was valued at around EUR 315 million in assets and EUR 230 million in liabilities at that time.