Romanian trade bank Eximbank turns into universal bank as it acquires NBG subsidiary

Romania’s Finance Ministry proposes that state owned bank Eximbank, which specializes in financing the international trade operations of local companies, should become a universal bank upon the takeover of Banca Romaneasca, the local subsidiary of the National Bank of Greece (NBG).

Furthermore, Eximbank should continue to expand in the retail segment by new takeovers since the narrow focus on corporate banking leaves the bank without the access to the “stable financing source that is the deposits of the population,'' according to the draft ordinance inked by the ministry, local Economica.net reported.

The Banca Romaneasca takeover is currently under the scrutiny of the Competition Council. Under the project inked by the Finance Ministry, Eximbank will also deliver retail banking services to individuals, in addition to the corporate banking services, and not simply act as the owner of Banca Romaneasca.

Eximbank announced in June that it signed an agreement with NBG for the acquisition of 99.28% in Banca Româneasca. As a result of this transaction, Eximbank group will operate for the first time in the retail banking segment in Romania, thus becoming a universal bank.

Following the completion of this transaction, the market share of Eximbank will increase to about 3%, securing it a position among the country’s top ten lenders.

(Photo source: Eximbank.ro)