OTP Bank Romania officially takes over Banca Romaneasca

Georgiana Bendre 27/07/2017 | 11:40

OTP Bank Romania and National Bank of Greece have signed the agreement on the acquisition of 99.28 percent of Banca Romaneasca. The takeover will be completed at the beginning of 2018, according to a  OTP Bank Romania press this Thursday.

According to the source, the transaction implies the shares of Banca Romaneasca, owned by the National Bank of Greece, as well as the acquisition of the supplementary portfolio from Romania owned by its subsidiaries.

“Banca Romaneasca’s clients are not affected in any way by this transaction. Currently, the contractual terms are still unchanged. OTP Bank Romania wants to put to its clients’ disposal the offer from the conversion program of loans in CHF.  The financial finalization of the transaction will take place at the beginning of 2018,” says OTP Bank Romania.

“The parties don’t want to disclose the financial details behind the transaction. The transaction finalization will be approved by the surveillance authorities. OTP group will collaborate closely with the National Bank of Romania to obtain the necessary approvals. As a result of the acquisition finalization, the share market of OTP Bank Romania will grow by approximately 4 percent, becoming the eighth player from the banking market from Romania (according to the data from 2016). Societe Generale Corporate & Investment Banking were the sole financial adviser of OTP Group regarding the transaction,”  says the bank.

On July 27, Reuters reported that OTP reached a deal to acquire the Romanian subsidiary of National Bank of Greece (NBG). Thin month, Leonidas Fragiadakis, the general director of NBG, announced that most of the assets from Balkans will be sold, including the operations from Romania.

At the end of 2016, the overall balance sheet of Banca Romaneasca, together with other assets, reached EUR 1.57 billion.

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