Although the National Bank of Romania (BNR) has issued a preliminary approval on Banca Comerciala Carpatica absorption by Patria Bank on November 2016, Bucharest Court rejected the merger between the two financial institutions on January 17, a press release informs.
The banks representatives argue that it’s about clarifying certain formal aspects and the merger will be resumed on the first day of the month following the merger decision will be approved by the court. The merger should have been completed on February 1st, 2017.
“In the past six months, the two banks have made significant efforts to prepare this merger and we are confident that in the new bank resulting from the merger, we will propose to our customers an attractive offer of products and services, and shareholders a financial performance much improved,” Bogdan Merfea, CEO Patria Bank stated.
In turn, Valentin Vancea, Executive Manager and COO Banca Comerciale Carpatica, pointed out that the two banks are prepared to go to the next step from the operational point of view, namely the implementation of the merger.
Patria Bank Group is owned by the Emerging Europe Accession Fund (EEAF), a private equity investment fund having as main investors the European Bank for Reconstruction and Development (EBRD), the European Fund for Investments, part of the European Bank for Investments, Banca de Dezvoltare, part of the KFW (DEG) banking group and the Black Sea Development Bank.
Patria Bank Group includes Patria Bank SA, Banca Comerciala Carpatica SA, Patria Credit IFN SA, SAI Carpatica Asset Management and SAI Intercapital Invest SA.