EC OKs the acquisition of Alpha Bank Romania by UniCredit

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The European Commission approved, pursuant to the EU Regulation on economic concentrations, the taking over of exclusive control over Alpha Bank Romania S.A. by UniCredit S.p.A. from Italy.
The transaction mainly relates to various banking and financial services in Romania, such as banking services for individuals and legal entities, financial market services and other financial services.
The Commission concluded that the notified transaction would not raise competition concerns, given the limited market positions of the companies resulting from the proposed transaction. The notified transaction was examined under the simplified merger analysis procedure.
UniCredit and Alpha Services and Holdings S.A. have concluded the Amended and Restated Term Sheet (“TS”) setting out the terms of the proposed transaction, through which UniCredit will acquire the majority of the shares and voting rights and sole control over Alpha Bank
Romania within the meaning of Article 3(1)(b) of the EUMR from Alpha Services and Holdings S.A. (the “Transaction”),” says an EC press release.
In October last year the two banking groups announced the merger of their branches in Romania, coming to a surprise for most, as even the banks’ employees did not know about the merger, the internal emails coming simultaneously with the press releases.
UniCredit Bank Romania had (according to BNR data) assets of over 60.4 billion lei and a market share of 8.6%, and Alpha Bank Romania had assets of 21.13 billion lei and a marginal market share of over 3%.
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UniCredit Bank. Swift: BACXROBU
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