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J.C. Flowers & Co and EBRD announced takeover of Piraeus Bank Romania

J.C. Flowers & Co and EBRD announced takeover of Piraeus Bank Romania

The European Bank for Reconstruction and Development (EBRD) has bought 19% of the Piraeus Bank, J.C. Flowers & Co investment fund has 76.1%, while the bank’s management will hold 4.9% of the bank. The takeover had been announced since the end of last year, but no further details had been officially released back then.

Nicolae Danila, the former executive president of BCR and ex-member in the National Bank of Romania managing board is rumored to take over the president position of Piraeus Bank Romania, according to sources quoted by Hotnews.ro.

The CEO position of Piraeus Bank Romania lies in store for British Dominic Bruynseels, the former CEO of BCR during July 2008-April 2012.

The Magyar group OTP Bank had been also  racing to take Piraes. JC Flowers had a previous attempt to enter the Romanian banking market by taking over Carpatica bank, but the transaction failed. The fund wanted to buy Piraeus Bank and  Carpatica and set up a group that would enable it a higher visibility on the local banking market.

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