Intesa competes with OTP for Garanti’s Romanian subsidiary

OTP Bank of Hungary and Italian group Intesa Sanpaolo Bank have submitted indicative offers of similar values for the acquisition of Garanti Bank Romania, according Profit.ro quoting unofficial sources.

Spanish banking group BBVA has put up for sale Garanti Bank Romania, the local subsidiary of Turkish group Garanti, which it controls, Romanian media reported last week.

Romania’s largest lender, Banca Transilvania, has also expressed interest in the acquisition of Garanti. BT was in talks for taking over Garanti in 2017.

At the end of 2018, Garanti Bank Romania was the tenth-largest bank in the country with a market share of 2.27% and assets of RON 10.25 bln (EUR 2.27 bln). OTP Bank was ninth in the ranking, with a market share of 2.45%, while Intesa was 15th, with 1.26% market share, at the end of 2018.

(Photo source: the company)