Vista Bank completes the acquisition of Crédit Agricole (Romania)
Vista Bank has completed, today, the acquisition of 100% shares in Crédit Agricole Romania, having obtained all the necessary approvals from the National Bank of Romania and the Competition Council.
Georgios Athanasopoulos, CEO of Vista Bank said: We are excited for the acquisition of Crédit Agricole Romania which represents a milestone in our strategy to consolidate our position in the market. Scaling up our business will allow us to increase our efficiency, accelerate growth and improve our capacity to offer value added services and better banking experience to our existing and future clients. The experience and the knowledge of our colleagues in Credit Agricole in specific sectors of the economy will play a vital role in this process, while our commitment to support the Romanian economy will be further strengthened. We are grateful to the representatives of Credit Agricole Romania and Credit Agricole Group for their professionalism and collaboration that ensured the success of the transaction.”
Following the completion of the transaction, it will start the integration of the two entities that is expected to finalize next year. During this interim period, Vista Bank and Crédit Agricole Romania will operate independently and the customers of Crédit Agricole Romania will continue to address to Crédit Agricole Romania for all their banking services.
After the merger, Vista Bank will have total assets of above €1.4 billion, loans of €800 million, deposits of €1.2 billion and more than €105 million CET1 capital. Vista Bank is operating in Romania since 1998 through a network of 31 branches and 320 employees providing a full range of products and services to local and international clients. For more information, please visit www.vistabank.ro
PricewaterhouseCoopers and David & Baias provided tax & legal advice, while Deloitte conducted financial due diligence on certain matters.