Bucharest Court rejects merger of Patria Bank, Carpatica Commercial Bank

Newsroom 20/01/2017 | 07:30

The Bucharest Court rejected the merger of Patria Bank and Carpatica Commercial Bank (BCC), according to a report sent to the Bucharest Stock Exchange (BVB).The two institutions reported they are awaiting motivation from the court and that the merger was postponed until after February.

The court rejected “the request made by Carpatica Commercial Bank and Patria Bank SA as unfounded,” during the 17 January 2017 public session.

In a statement published by Patria Bank published by Carpatica Commercial Bank at the BVB read: “Although we are surprised by this decision, considering that we have made all efforts (internally and receiving external support and expertise) to draft the documentation in accordance to the law, we are confident that the moment we will know the reasons behind this decision, we will identify in the shortest time the appropriate solutions to complete this formal stage of the merger process and will carry it out at a later date than the date anticipated, 1 February 2017.”

The merger process of the two banks received the approval of the National Bank of Romania (BNR) already on 29 November 2016.

“Bogdan Merfea, Patria Bank, said: “In the past six months, the two banks made sunstantial efforts to prepare this merger and we are certain that in he new bank created after the fusion we will propose to our clients an attractive offer for products and services, and to the shareholders a much improved financial performance. We want to confirm to clients of both banks, that this delay that intervened in the merger process will not affect the operations of the two banks.”