Romanian state-owned lender Eximbank will receive the approvals from Romania’s National Bank (BNR) and the Competition Council to take over Banca Romaneasca, the local subsidiary of the National Bank of Greece (NBG) group, by December 10, Economica.net announced.

The price agreed is actually lower than initially circulated - under EUR 50 million, not including the credit line contracted by Banca Romaneasca from its parent group NBG (EUR 500 million that has to be repaid), according to unofficial sources quoted by Economica.net.

EximBank announced in June that it signed with the National Bank of Greece the acquisition agreement for 99.28% of Banca Româneasca.

Following the completion of this transaction, the market share of EximBank will increase to approximately 3%, pushing it to the top 10 lenders in Romania.

The future bank resulted from the takeover will be able to carry out retail activities, operations specific to commercial banks, but also operations on behalf of the state, such as Eximbank used to do.

Eximbank is a state-owned bank with a focus on the corporate segment, mainly delivering products tailored for companies involved in foreign trade. It ranked as the country’s 15th largest bank by assets with a share of 1.3% (RON 5.5 bln, or EUR 1.2 bln assets) at the end of 2017.

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editor@romania-insider.com