Competition Council Reviews Intesa Sanpaolo’s Acquisition of First Bank

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The Competition Council is reviewing the transaction in which Intesa Sanpaolo S.p.A. intends to acquire First Bank S.A., as announced by the competition authority. Intesa Sanpaolo S.p.A. is primarily active in the financial-banking sector, serving as the parent company of the Intesa Sanpaolo group. The Intesa group operates in Romania through its subsidiary, Banca Comercială Intesa Sanpaolo România S.A.

First Bank S.A. is a credit institution active in the Romanian financial-banking market, operating a network of 40 branches and providing services to both individuals and legal entities.

In accordance with the Competition Law (No. 21/1996), this transaction requires authorization from the Competition Council, which will assess it to determine compatibility with a normal competitive environment and will issue a decision within the legal deadlines.

Any comments and opinions can be submitted to the competition authority within 20 days from the date of this announcement.

At the end of October 2023, Intesa Sanpaolo SpA announced it had concluded negotiations for the acquisition of First Bank in Romania from the American investment fund J.C. Flowers, according to market sources. Some of First Bank’s employees have already been informed about this transaction through an internal communication.

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