First Bank, the former Piraeus Bank, Wednesday opened its first branch on the local market under a new identity, U.S. Ambassador Hans Klemm joining the event, which took place at the bank’s headquarters on Nicolae Titulescu Boulevard in Bucharest, along with Dominic Bruynseels, Executive President First Bank Romania and Alexandru Petrescu, Minister of Communications.
According to the financial institution’s officials, all the 40 branches in Bucharest, as well as the banking unit in Alba Iulia, will carry the new brand identity of the bank by year- end. Earlier next year, the rebranding process will extend to the other 60 branches in the country.
It’s the only post-2008 transaction in which a new shareholder enters the Romanian banking market.
First Bank Romania operates through 100 banking units, has 1,200 employees and about 130,000 active clients. At the end of last year, it was ranked the 11th among the banks in terms of assets, aggregating assets worth approximately RON 6.44 billion, equivalent to a market share of 1.51 percent.
On June 28th, 2018, Piraeus Bank Romania was acquired by JCF IV Tiger Holdings S.àr.l, an entity which is part of the group JC Flowers & Co. This was the first investment made by the investment fund on the Romanian market and in Central and Eastern Europe.
On September 12th, the Board of Directors agreed to change the name of the company and the commercial brand of Piraeus Bank Romania to “First Bank”.