The Retail and Royal Preferred Banking of RBS Romania has been acquired by UniCredit Tiriac Bank and UniCredit Consumer Financing IFN for an undisclosed sum.
The transaction is set to be completed in the second half of the year, pending approval from the National Bank of Romania and The Competition Council. The retail business of RBS accounts for around EUR 315 million in assets and EUR 230 million in liabilities.
Rasvan Radu (right in picture), CEO UniCredit Tiriac Bank and country chairman of UniCredit in Romania, said: “Retail represents a core business for our bank and this acquisition perfectly fits our development strategy in the medium- and long-term, while at the same time maintaining our position as a leading European bank in the Romanian market.”
The RBS staff employed in the sold division will transfer to UniCredit Tiriac Bank subject to consultation with the social partners.
Henk Paardekooper, president of RBS Romania, commented the deal is part of the lender’s strategy to become a fully corporate bank that addresses large corporates and institutional clients.
The two lenders pledge to ensure a smooth transition of customer accounts, adding the contractual terms will remain unchanged.
Law firm Tuca Zbarcea & Asociatii advised UniCredit Tiriac Bank. RBS Romania got RTPR Allen & Overy.
The net profit of UniCredit Tiriac Bank rose by 11.3 percent to EUR 40 million in 2012. Its assets gained 10 percent to EUR 5.6 billion in the same period.