Vista Bank announced the conclusion of a deal to acquire a full 100 percent stake in Credit Agricole Romania; the acquisition is expected to be completed during the first half of this year, after it gets the approval of the National Bank of Romania (BNR) and of the Competition Council, the bank said in a release.
After the acquisition is completed, Vista Bank will hold total assets of over 1.2 billion euros, loans worth 750 million euros, deposits worth 1.1 billion euros and over 105 million euro worth of Common Equity Tier 1 capital.
The acquisition of Credit Agricole Romania represents an important moment for Vista Bank and is in line with our strategy to grow and further strengthen our market position. We focus on supporting the Romanian economy, by generating value for all stakeholders, customers, employees, shareholders. We would like to thank Credit Agricole representatives for their cooperation and professionalism in this transaction, said Stavros Lekkakos, Chairman of Vista Bank's Board of Directors.
PWC and law firm David & Baias provided financial and legal advice, while Deloitte provided financial consultancy on certain issues.
Vista Bank has been present in Romania since 1998, running a network of 31 branches with 320 employees and offering a complete range of products and services to local and international customers. Credit Agricole Romania has 14 branches, total assets of 535 million euros, deposits of 410 million euros and loans of 395 million euros.
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