Intesa Sanpaolo buys the branch network of Veneto Banca in Romania

Intesa Sanpaolo Bank acquires the banking units network of Veneto Banca in Romania, following the takeover by Intesa Sanpaolo SpA – Italy’s best-capitalized large bank – of Veneto Banca SpA’s assets and liabilities.

“The acquisition greatly increases the presence of Intesa Sanpaolo in the strategic Romanian market and immediately benefit the Romanian customers’ safety and access to credit. In fact all the customers of Intesa Sanpaolo enjoy the strength, solidity and services offered by one of the largest and strongest banking group in Europe with 19 million clients and 5,000 branches in 40 countries all over the world,” a press release informs.

Intesa Sanpaolo therefore operates in Romania with two units: Intesa Sanpaolo Bank Romania SA, a Romanian licensed bank with Head Office in Bucharest and more than 30 branches all over Romania; Intesa Sanpaolo SpA Romanian branch network (former Veneto Banca’s Romanian branch network), a network of more than 20 branches.

“I have been working and living in Romania for many years and I am sure that this acquisition will help to further develop the already good business relationships between Italy and Romania” said Marco Capellini, CEO of Intesa Sanpaolo Bank Romania SA.

The Italian gov’t will pay EUR 5.2 billion to Intesa, and give it guarantees of up EUR 12 billion, so that it will take over the remains of Popolare di Vicenza and Veneto Banca, which collapsed after years of mismanagement and poor lending.

The deal, approved by the European Commission, allows Italy to solve a banking crisis on its own terms, ensuring the two Veneto lenders are not wound down under potentially tougher European rules.