The Bucharest Court of Appeal approved on Friday, April 21, the merger file between Carpatica Commercial Bank and Patria Bank, which could be implemented as of May 1, and the newly set up institution will be listed on the Stock Exchange and will be named Patria Bank, a communiqué released on Monday reads.
Patria Bank will be present in 73 cities nationwide with 111 branches.
“The new bank will have offices in 73 cities nationwide, through 111 branches, it has over 240,000 clients and assets of RON 3.816 billion, being dedicated to increasing the banking in Romania and to support local entrepreneurs,” the press release informs.
The estimated date of the merger implementation is May 1, 2017. All the products, services and contractual conditions that apply to customers will be maintained in the current form until the merger date, afterwards the new general banking conditions are to be applied, the press release reads.
The new bank will focus on the retail segment, and the shares of the bank resulting from the merger will continue to be listed on the Bucharest Stock Exchange.
In the spring of 2016, Patria Bank became the majority shareholder of Carpatica Commercial Bank (BCC), holding over 64% of BCC shares, the latter becoming a member of the Patria Bank Group, which has as a major shareholder the Emerging Europe Accession Fund (EEAF).
The draft merger between BCC and Patria Bank was approved on November 29, 2016 by the National Bank (BNR).