Sale of Credit Agricole Romania to Vista Bank slightly delayed

The Greek shareholders of Vista Bank do not yet have a sale-purchase contract signed with French group Credit Agricole, even if they previously announced an agreement to buy its Romanian subsidiary, according to sources in the banking market familiar with the deal, Economica.netreported.

The same sources say that Romania's National Bank (BNR) is waiting for the sale documents to decide what can be approved and what can not.

The two sides probably signed only a preliminary agreement and not an actual purchase contract, while the French bank was supposed to announce a decision by the end of last year. By June this year, they will probably reach a detailed agreement on the transaction and have all the documents submitted to the BNR.

The representatives of Vista Bank Romania stated that "the process of obtaining the necessary approvals from the authorities for the completion of the acquisition of Credit Agricole Romania by Vista Bank is underway and is carried out following the established schedule and legislation in force. The completion of the acquisition is expected to take place during the first half of the year."

Vista Bank announced that it signed an agreement with the French financial group Crédit Agricole to acquire 100% of its subsidiary Crédit Agricole Romania. The acquisition needs to be approved by BNR and the Romanian Competition Council.

Following this deal, Vista Bank Romania will hold total assets of over EUR 1.2 billion, loans of EUR 750 million, deposits of EUR 1.1 bln, and over EUR 105 mln of capital.

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