The merger between Patria Bank and Banca Comerciala Carpatica (BCC), which received National Bank of Romania (BNR)’s preliminary approval, is currently in limbo after the Appeal Court of Bucharest rejected it, an announcement submitted to the Bucharest Stock Exchange (BVB) reads.
The file on the merger of the two banks was rejected by way of exception, without analyzing the arguments that motivated the appeall due to procedural issues, the announcement also notes.
The arguments that support the appeal of the two banks involved in the merger will be analyzed in a further stage by the competent Court.
The document signed by Daniela Iliescu, member of BCC’s Administration Council, shows that he banks will continue the legal stages to finish this last stage of implementing the merger as soon as possible.
Following the decision of Bucharest Appeal Court, BCC doesn’t mention any deadline for the merger closure.
However, the two banks are prepared to go to the next legal step from the operational point of view, namely the implementation of the merger.