EximBank concludes Banca Romaneasca takeover

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EximBank has concluded the acquisition of Banca Romaneasca SA (BROM). The offer, made in June in accordance with the applicable law in Romania, was part of EximBank’s agreement with National Bank of Greece (NBG) to acquire its 99.28% stake in BROM.

With the acquisition, EximBank enters into the attractive Romanian retail banking segment, transforming itself into a fully universal banking entity and continuing to fulfil its long-term mission to support and promote Romania’s economic development. The combined bank will feature among the top 10 banks in Romania with the market share of approximately 3%.

EximBank CEO Traian Halalai said: “The acquisition of Banca Românească places EximBank in a better position to serve Romanian citizens and to play a more active role in the development of the Romanian economy. BROM’s market share, great management team, good solvency and liquidity positions fit very well and complement our existing capabilities. I look forward to building on the combined strengths of both institutions during the upcoming integration process which will create a universal bank capable of better serving our country.”

J.P. Morgan Securities plc acted as sole financial advisor to EximBank in relation to this transaction. EximBank was also assisted by Pricewaterhouse Coopers Management Consultants SRL, while Linklaters LLP acted as international legal counsel and Bulboaca & Associates as local legal counsel to EximBank.

OTP Bank Romania wanted to acquire a 99.28% stake in Banca Romaneasca, but the National Bank of Romania (BNR) opposed the takeover in March 2018, although the Competition Council had authorized the operation.

BNR argued  that the reasons on which the decision is based cannot be revealed.

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