Intesa Sanpaolo closes First Bank acquisition in Romania

Italian banking group Intesa Sanpaolo announced on May 31 that it completed the acquisition of the Romanian group First Bank S.A. from the US-based private investment fund J.C. Flowers & Co. The takeover allows Intesa Sanpaolo to double its presence in Romania, where it has been active since 1996.

The acquisition also strengthens the competitive positioning of the Intesa Sanpaolo Group in the local market, including it in the top 10 banks in Romania.

“Following the signing on October 28, 2023, by Intesa Sanpaolo S.p.A. and JCF Tiger Holdings S.A.R.L., the majority shareholder of First Bank S.A., of a sale-purchase agreement for the acquisition of 99.980513% of the shares of First Bank S.A., and after obtaining all necessary approvals from all relevant regulatory authorities, Intesa Sanpaolo has today completed the acquisition of First Bank,” reads the press release.

Together, Intesa Sanpaolo Bank Romania and First Bank total assets of roughly EUR 3.2 billion, serve approximately 143,000 customers and have over 1,500 employees.

Marco Elio Rottigni, head of Intesa Sanpaolo’s International Subsidiary Banks Division, said: “Consolidating our presence in Romania will stimulate Italian and foreign investments in this country, intensify trade and support the internationalization of SMEs.”

Intesa Sanpaolo, with more than EUR 420 billion in loans and EUR 1,300 million in customer financial assets at the end of 2023, is the largest banking group in Italy with a significant international presence.

(Photo source: the company)