By Jerom Bolt
EximBank has completed the acquisition of Banca Româneasca S.A. (BROM), according to a press release. The tender submitted is part of the agreement concluded in June 2019 between EximBank and the National Bank of Greece (NBG) regarding the acquisition of the 99.28% stake in the BROM shareholding.
Following the acquisition, EximBank enters the attractive retail market in Romania, becoming a universal bank with full services and continuing to fulfill its long-term mission by supporting and promoting Romania’s economic development, according to the bank’s information.
The new entity will be among the top 10 banks in Romania, with a market share of approximately 3%.
Through the acquisition of the Romanian Bank, EximBank improves its services to local customers and increases its capacity to support the development of the Romanian economy. The market share of BROM, an efficient management and a good level of solvency and liquidity complement the strengths of EximBank, together we will be even stronger. I am confident that all these defining elements, unified at the end of the following integration process, will create a benchmark institution on the financial-banking market that will better respond to the demands of our clients, ”said Traian Halalai, the Executive Chairman of EximBank.
J.P. Morgan Securities plc acted as sole financial consultant in the transaction. EximBank was also assisted by Pricewaterhouse Coopers Management Consultants SRL, while Linklaters LLP was the international legal consultant, and Bulboaca & Asociaţii SCA provided legal assistance locally.
The shareholders of the Romanian Bank are summoned for January 31, 2020, for the appointment of the new management of the bank.
By Jerom Bolt