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EximBank has finalized the acquisition of Banca Romaneasca SA (BROM), with the submitted bid being part of the agreement concluded in June 2019 between EximBank and National Bank of Greece (NBG) on the purchase of the latter's 99.28 percent stake in BROM, the bank said in a release.
As a result of the acquisition, EximBank enters Romania's attractive retail market and becomes a universal bank with full services and will continue to fulfill its long-term mission by supporting and promoting Romania's economic development.
The new entity will rank among the top 10 banks in Romania, with a market share of approximately 3 percent.
"Through the acquisition of Banca Romaneasca, EximBank improves its services to local customers and increases its capacity to support the development of the Romanian economy. The market share of BROM, an efficient management and good solvency and liquidity levels complement the strengths of EximBank, and together we will be even stronger. I am confident that all these key elements, bundled together at the end of the upcoming integration process, will create a landmark institution on the financial-banking market that will better respond to the demands of our customers," said Eximbank CEO Traian Halalai.
J.P. Morgan Securities PLC. acted as sole financial consultant in the transaction. EximBank was also assisted by Pricewaterhousecoopers Management Consultants SRL, while Linklaters LLP was the international legal consultant, and Bulboaca & Partners SCA provided legal assistance locally.
