Intesa Sanpaolo has successfully completed the acquisition of the Romanian group First Bank S.A. (Romania) from the US-based private investment fund J.C. Flowers & Co.
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.
The acquisition of First Bank allows Intesa Sanpaolo to double its presence in Romania, a country in which it has been active since 1996 through Intesa Sanpaolo Bank Romania.
The acquisition significantly strengthens the competitive positioning of the Intesa Sanpaolo Group on the local market, including it in the top 10 banks in Romania. Together, Intesa Sanpaolo Bank Romania and First Bank total assets of approximately 3.2 billion euros, serve approximately 143,000 customers and have over 1,500 employees.
The two banks – First Bank and Intesa Sanpaolo Bank Romania – are now part of the Group’s International Subsidiary Banks Division, a key player in the Central and Eastern Europe region, offering services to retail, corporate and SME customers.
Marco Elio Rottigni, Head of the Group’s International Subsidiary Banking Division, said: “We warmly welcome First Bank employees and customers to the Intesa Sanpaolo Group, one of the largest and strongest banking groups in Europe. Consolidating our presence in Romania will stimulate Italian and foreign investments in this country, intensify trade and support the internationalization of SMEs. Our development will stimulate innovation at the economic level, for the benefit of individuals and legal entities”.
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