After Raiffeisen – Citi deal, UniCredit Ţiriac Bank buys RBS Romania's retail banking business

UniCredit Ţiriac Bank and UniCredit Consumer Financing IFN recently took over the Retail and Royal Preferred Banking business of RBS (Bank) Romania, which has EUR 315 million in assets and EUR 230 million in liabilities. The transaction is subject to approval from the National Bank of Romania and the Competition Council and is expected to be completed in the second half of this year. The financial terms of the transaction were not disclosed. The RBS Romania staff within the Retail and Royal Preferred Banking business will move to UniCredit Ţiriac Bank, “subject to consultation with the social partners,” according to UniCredit. This is the second such deal, after the Raiffeisen Bank takeover of Citi's retail portfolio in Romania earlier in March. “UniCredit Group has constantly reiterated its commitment to the Romanian market and UniCredit Ţiriac Bank’s strategy has been that of sustainable growth on all main segments of activity. Retail represents a core business for our bank and this acquisition perfectly fits our development strategy in the medium- and long-term, while at the same time maintaining our position as a leading European bank in the Romanian market” said Răsvan Radu, CEO UniCredit Ţiriac Bank and Country Chairman of UniCredit in Romania. RBS Romania will focus on its remaining corporate banking segment, said Henk Paardekooper, President of RBS Romania. Royal Bank of Scotland has already been trying to sell the Romanian subsidiary, during the previous period, after the parent bank decided to focus on its core subsidiaries. In 2011, OTP Bank finalized the negotiations to take over the local subsidiary of RBS Romania but failed to reach an agreement as the price was too high. editor@romania-insider.com